simplenothing
Short

SPY - Ideal Support level

AMEX:SPY   SPDR S&P 500
spy
If it were not for the weak close on the weekly chart, I might be a buyer here. But I kinda think market may still make a more concerted effort to force longs out by dropping below channel and down to the 61.8% retracement (which is also the weekly 50-PMA). If we fall to this area and close next week on strength, that would be good short term buying opportunity, IMO             .
Order cancelled: Traded opposite way I expected. But, I am glad to see lower channel hold. Should be interesting to see if it breaks upper channel.
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