Rashad
Long

Upward Channel to form through the holidays?

AMEX:SPY   SPDR S&P 500
spy
156 1 2
spy
Now that we have broken a 2200 on the SP500             , and what turns out to be the 50% resistance line on my 200 day Fibonacci Bollinger Bands , it is my belief that we will enter a upward channel through the holiday season with the price staying between the 50% line and the 61.8% line. Considering that we are heading into this holiday season with strong economic indicators, good employment, and high consumer confidence I believe these fundamental factors will help to keep equity valuations lofty this season.

The indicator pictured in the chart is my Fibonacci Bollinger bands . They are calculated by adding and subtracting x% of 3 standard deviations around a given moving average. In this chart I am using a 200 day volume weighted moving average . I have highlighted yellow the 50% line and the 61.8% line.

now that is interesting
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