There is still a boatload of psychological support with the 200-d MA at 90.60 and the 50-d MA at 89.94. The next horizontal support is at 88-ish, and that is also the target of the head and shoulders resolution.
Friday, June 19, 2009
SPY supports and target
SPY has seen an uptrend on decreasing volume and now showing a divergence from the recent top June 11th. A head and shoulders top can be seen with the right shoulder developing now... I don't think this is a higher low forming because I see a MACD divergence and decreasing volume.