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- goo.gl/TFUjbZ To subscribe to the newsletters - goo.gl/JfOLoR