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SPY Test of Resistance and Why This Time We Could Break Through

AMEX:SPY   SPDR S&P 500 ETF
28 1 0
SPY             is back up testing the 212.50 resistance level that is has been rejected off of all year long; however, this time could be different.

There are two reasons why we could get a break above resistance this time. These conditions were not present on previous tests of this resistance level:

- Institutional trader buying detecting on the TICK for the first time since February

- EPS             growth is positive for the first time since January

Institutional trader activity was detected on the TICK for the first time since February 2015. The institutional buying was detected on Friday, May 8, 2015.

EPS             growth was forecast to drop by the most since 2010. After last week, the previous EPS             growth for Q1 2015 has been raised to 0.1% growth. The reason the EPS             growth for Q1 2015 is finally positive is that more than 70% of companies reporting earnings beat estimates.

I talk more about this in the weekly Saturday show broadcast on YouTube: https://www.youtube.com/watch?v=zfDpgfhTeSo

mduck
2 years ago
plus, last Friday and Thursday had huge green volume came into the market, which is a positive signal as well.
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