themarketzone
Short

Price below important support zone - Bearish signal

AMEX:SPY   SPDR S&P 500
$SPY's Gartley pattern mentioned in my previous analysis finally was triggered last week as investors were disappointed by Draghi's and Yellen's appearances.
The price broke below the major support zone 204-206$ and closed below the 50 weeks MA again.
The nearest support zone is 198-200$:
1. Structure zone
2. Uptrend line ( trend line 2)
3. Psychological zone

Assuming that the markets will have bearish reaction to Friday's terror attack, $SPY may hit this zone already on Monday's open.
The important signal is the breakdown of 204-206$. If $SPY will recover from Monday's open, 204-206$ will become the level to try and sell $SPY again.

Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
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