marketmind3

SPY - More downside still likely for SPY SPX ES

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AMEX:SPY   SPDR S&P 500 ETF TRUST
SPX broke the short-term downtrend yesterday, but technicals didn't really confirm and we're seeing no follow-through today. We also saw pretty much an immediate reversal back to the support.

We should bounce off support (looks like we are as I write this), but resistance is right up overhead. If we go back down and support doesn't hold, next stop would likely be back into the 2,700s, this time probably further down closer to 2,750-2,770.

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