nmike
Long

SPY weekly update

BATS:SPY   SPDR S&P 500 ETF TRUST
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It's a good idea to display a simple line chart. Line charts display a clear view of pivots . When you reach a pivot point resistance or support then you should refer to the candle stick chart and look for reversal patterns.We finished the week with positive green candle .With NO FEAR in the markets the SPY should easily clear the current pivot and reach the next pivot at $143 area. Also note how well the FIB numbers signaled support / resistance since the bottom of 2009.

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