YusufS

SPY 7/13 possible short entry trade on retracement setup

AMEX:SPY   SPDR S&P 500
I used my fibonacci retracement tool and my fib extension tool to discover confluence in the 208.90-209.00 level. We have been stuck inside sideways consolidation for quite some time now however the RSI is indicating a gradual pace of momentum or strength building up for the Bulls. I can't tell the future but i cant certainly tell you that the level around 209.00 is very strong resistance. An oversold 5 mn             . RSI and a failure to exceed the 209 level can trigger a short sell. The possible exit targets are either 207.80 or 207.12.
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