Tuesday, January 6, 2015

Jan 6th Stock Market Analysis

From 30th Dec SPY is in correction mode after breaking the support at 208.50. If you look at hourly chart my first support at 200 and if breaks below I expect it to go to my daily support target at 191.70 to 192.20 depending on when its going to meet the support line which is  blue line. 

Here is my hourly chart for the reference 

SPY is a buy at 200.00 with stop loss 199 level. I prefer to set up tight stop loss here as if breaks down it could fall down 8 to 9 points down and will be a good opportunity to get in again.

If you look at daily chart, you may get the my long term view in case of swing trade. It would be good opportunity to buy at 192 level if at all falls to that point. 

1 comment:

  1. Broke my first support, and now heading towards the hidden support which 50% fibinocci support level at 197.20. .