SPY 10-4: Did the weekly log trend break last week?

10-4-14: Did last week's close break the recent weekly log trend line going back to Oct 2011? Definately seems like a possible scenario. The previous pull back also briefly dipped below this trend but was able to recover and close above the trend.

If this trend is significant then even with a continued rally next week, I suspect that closing back above it on the weekly will be extremely difficult. Also the wedge that has been created since 2011 has become quite narrow. My belief has been it will break to the downside, this possibly is the start of market weakness.

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Your previous weekly chart still holding the trend line. . I am assuming it may rally to 203.50 or 203.75 and then will comedown. The 15 min and 5 min chart that you post are awesome to the point prediction. Will look forward to your 15 and 5 min spy chart with targets.
SMP99 greenplay
Thanks for comment, I'll try to keep posting as I have time. And yes, other trend is holding nicely (from 2009 low). I think that one is more significant but this caught my eye too. As for 203...sure it could happen within that trend, one more push to ATH's. But if this bounce stalls at all this week...equal chance of revisiting august lows IMO.
SMP99 greenplay
You mentioned 203.50...interesting since I was just reviewing what may be a potential inverse h&s forming. Looks like a target 203.3-203.50 IF confirmed.
good analysis
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