03-24-2014, 07:57 AM
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The SPDR S&P 500 (ARCA:SPY) ETF rose 1.67% this week as of Thursday’s close. After moving off of its highs, the index rebounded towards its R1 resistance at 191.06 in a choppy week. Traders should watch for a move to these levels on the upside or a move down to the 50-day moving average at 183.28 on the downside. Looking at technical indicators, the RSI appears neutral at 59.45, but the MACD recently experienced a bearish crossover that suggests a downtrend. |