dimes

Finding Market Direction

BATS:SPY   SPDR S&P 500
261 3 0
Traders the market will soon show a direction. I have to wait and see it will not be long.I am use trading FX
so I do ok with S&P             (E-mini) but just getting acquainted with stocks. looking at daily and hourly data should give us an
Idea.
A lot of resistance in the 136 to 139 area the market will rally (In my opinion) for a while
If prices move past this area.
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The fib. Projection is measuring the S&P swings. If the corrections second swing is greater than 2.618 the first swing than we may have a it is a good sign of trend direction.
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Here is an hourly chart that should help
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