Heading towards strong weekly resistance as Yellen in focus

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

To read more interesting technical reviews for the week
To subscribe to the newsletters -
Follow my blog -
Subscribe to my Youtube channel -
Comment: Testing sell zone now
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out