nmike
Long

SPY monthly review

BATS:SPY   SPDR S&P 500 ETF
545 4 1
The SPY             is long term BULLISH .We closed this month(June '12)with an up green candle above 10 MA. Monthly target near 143
a lot to prove till then in terms of breaking a couple of resistance areas, light volume wont take through that. However breaking above 137-38 on volume would justify this upside
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Yeah, very clear up trend although too many fundamental things happening.
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PLEASE READ LAST COMMENT, "Yeah, very clear up trend although too many fundamental things happening". If too much of your time was spent on fundamentals you most likely missed most of this up move. Don't get me wrong, there is nothing wrong with fundamental research along with technicals, but as far as I'm concerned the fundamentals are included in PRICE ACTION...... All indicators and candle stick pattern continue to be bullish, the Stochastic is embedded and DPO above mid-point. The 10MA is good average to use on monthly charts. Next move likely be to near or the top of channel.
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