novvoll12
Short

SPY-Sharp weekly reversal points to a retest of 200 day MA

AMEX:SPY   SPDR S&P 500 ETF
spy
38 0 2
spy
9-11-2016
SPY             213.28 bearish – Sharp weekly reversal points to a retest of 200 day MA at 205.43

SPY             sold off sharply last week after reaching an all-time-high at 219.60 (August 22, 2016). Near term, the weekly downside reversal points lower to unwind the overbought condition. Further weakness from the 213.28 new 8-week low area (September 9, 2016 low) would open the 200 day moving average at 205.43 (1st support) for a retest. Below lies the higher low at 198.65 (June 27, 2016, 2nd support), near the long-term rising trendline from March 2009 low. The support zone is likely to contain the corrective weakness.

However, back above the 219.60 area would signal resumption of the bullish momentum and expose the long-term upside target at 220.82 next.

Outlook:
Daily: bearish
Weekly: bearish
Monthly: neutral
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