novvoll12
Short

SPY 201.88 bearish – Completes an 8-week range top

AMEX:SPY   SPDR S&P 500 ETF
spy
36 0 0
spy
SPY             201.88 bearish – Completes an 8-week range top

SPY             reversed sharply lower during the week to test the 201.65 8-week low (October 19, 2015), forming a trading range between 211.66 (November 2, 2015 high) and 201.65. A sustained break below the 201.65 area next week would offer scope for further downside towards the 196.33/195.03 gap area (September 28 high/October 5 low, 2015). Below lies the 190.73 support (August 31, 2015 low).
However, bounces off the 201.65 area would prolong the consolidation within the range and alleviate the short-term oversold conditions. If bulls manage to reclaim the 211.66 range ceiling, that would signal return of strength, extending the upleg from last August’s 182.40 low towards the 213.78 record high (May 18, 2015) for a retest.
Outlook:
Daily: bearish
Weekly: bearish
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out