Reversal in Silver and Dollar

Guest Article

SPY – Daily Chart & Moving Averages
This chart shows the big picture. Currently we are in a strong uptrend and looking to buy significant pullbacks to key levels of support, and that is exactly what we had last week.

The market pulled back to a level which has support:
1. It pulled back to the 14 day moving average
2. It pulled back to the previous weeks high
3. It pulled back to a support trend line

Each of these levels happen are at the same level and each type of support will attract a different type of trader, meaning there should be a lot of individuals covering their shorts and or buying at that point.
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