themarketzone
Short

Heading towards strong weekly resistance as Yellen in focus

AMEX:SPY   SPDR S&P 500
Now that $SPY is above 200$ again and testing its daily 200 days MA line, it is time to zoom out again and to see the bigger picture by looking at the weekly chart.
As you can see in the chart, $SPY is about to face a very strong weekly resistance if it'll continue its climb towards 204-205$

The weekly chart reveals 3 major resistance elements:
1. 2 broken uptrend lines that now support to change role into resistance (dark green dashed lines)
2. Daily downtrend line (red)
3. 50 weeks MA
Technically, what we see is that $SPY has more "room" to climb, up to 205-206$ to meet the downtrend line without making new high above December's highs.
The daily chart adds more reasons to look for bearish opportunities near 205$

$SPY will complete bearish Bat pattern just inside the 204-205$ zone (with X above 206$).
If you recall and you've been following the MarketZone's analysis for more than a year now, 205$ was a critical support zone throughout 2015

Bearish Scenario - Look for shorting opportunities as long as $SPY remains below 206$

Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters

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Comment: Testing sell zone now
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