Price is finding resistance at R1, but this has been an impressive move precisely off the magenta five-day moving average (say SPY $130.50). This was also very near the fifty-day, reflecting a technical reflexive note to the move.

Related posts:

  1. 10.28.09 – A Failure to Bounce
  2. 02.25.10 – Plunge and Resistance at S2/ 250-min EMA
  3. 09.25.09 – Unable to Bounce
  4. 06.24.08 – Overdue Bounce
  5. Bounce