tristan.rhodes
Short

Short SPY: Dirty Dozen bounces off support and resistance @ 208

AMEX:SPY   SPDR S&P 500
50 2 2
SPY             has bounced off the 208 price at least 12 times in the past 7 months. Most recently, it bounced down from resistance at 208 two times.

The multi-year trend line has been penetrated. I think that fear is going to kick in and SPY             will drop, perhaps 25% to the matching tops of the past two bull markets.
It is certainly a level with plenty of reactions. What fear do you think will hit the market down 25%?
Reply
Markets always go through bull and bear cycles. SPY has advanced greatly for over 6 years. A small fear event like Greece could give some people a reason to lock-in profits. This can cause a chain reaction of people who want to lock-in profits, or to stop losing money if they bought higher.

I'll consider adding my long-term MACD analysis that has only given a sell signal at the tops of the past three bubbles (including this one)....
+2 Reply
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