SPY $210.77: Monday’s Bearish reversal candle cautions near term

SPY             reached a new year-to-date high at 212.48 on Monday (April 27, 2015) before pulling back sharply to form a bearish reversal candle pattern. That reinforces the tough resistance zone near 212.24 (February 25, 2015 high), cautioning for further weakness near term to test the 208.90 support (April 22, 2015 low) and possibly 207.01 (April 17, 2015 higher low) which should hold dips. Back above 212.48 is needed to overcome the resistance area to open the 212.97 spike high (December 18, 2014 record high).
Short term: neutral
Long term: bullish while above the 200 day moving average (currently at 202.45)

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