Traders and investors have again come in to buy the dip after the SPDR S&P 500 Trust (NYSEARCA:SPY) hit a low of $190.55 and there has been a nice move up since the low was made on August 7. So as we watch this bounce continue, we see the crucial come back into play and is now acting as resistance for the SPY . This is what we like to call a "backtest" in the world of . To sum it all up, if the markets get above the key line, then look for the SPDR S&P 500 Trust (NYSEARCA:SPY) to move to new highs. If the rejects the move up then there is a very good chance these markets head to new lows.
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