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Technical Analysis of SPY

|Includes: SPDR S&P 500 Trust ETF (SPY)

 SPY, fib retracement, sma, bearish candles, resistance

Resitance around 134.50 (click picture to enlarge)

Yesterday (Friday 5/13) the SPY’s closed at 134.04 down .77% on the day and below the 20 day SMA of 134.30. What do we expect to see for Monday? Resistance levels are 134.89 using data points on the 1 year chart and 135.02 R4. Looking at support levels 132.77 is a great level of support. It is the 38.2 fib retracement from the recent move on 3/16/11 to 5/2/11, there are also data points there that act as support levels. The close of Fridays candle was of bearish indication. Spy’s made a lower high although only by .02, but did not make a lower low. Monday look to get short around 134.50-134.55 there is a lot of resistance around there. 134.45 is 23.6% fib retracement, 134.59 is the 8 day SMA, and R3 134.53. Use R4 135.02 as the stop out level.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.