SandP at a crucial point

Two charts analysed : SPY.

Daily chart : going under 104 could meaning falling further to the orange line (98 zone)

20090924_sp

Weekly chart : the gap of sep 08 is a strong resistance level.

20090924_sp_week

Don’t think we are ready for a further move up. The decline in the august sale of homes could be the result of the unemployment rate being that high for a long time already.

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