themarketzone
Short

Price below important support zone - Bearish signal

AMEX:SPY   SPDR S&P 500 ETF
$SPY's Gartley pattern mentioned in my previous analysis finally was triggered last week as investors were disappointed by Draghi's and Yellen's appearances.
The price broke below the major support zone 204-206$ 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
To read more interesting technical reviews for the week- http://goo.gl/TFUjbZ
To subscribe to the newsletters - http://goo.gl/JfOLoR
Weekly Analysis - https://goo.gl/5NALBy

Tomer J,
The Market Zone - You trading Edge
Visit my website - http://www.themarketzone.net/
Blog - http://www.themarketzone.net/?page_id=2371
Youtube - https://www.youtube.com/c/TheMarketZone
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out