jeffreyc96

SPY ready to drop - target $271

Short
AMEX:SPY   SPDR S&P 500 ETF TRUST
SPY should not be trailing this high. The first indicator is that the MACD is losing steam and wants to curl over on the daily. Losing volume . We also have have been trailing sideways since early April and bouncing off of the key support and resistance level but have yet to cross either. We have also crossed underneath the red diagonal bearish line which definitely shifted the momentum of the market after that. I expect a drop to $271 and see how SPY reacts hitting that support level once more.

*not financial adviser

Comments

perhaps in a couple weeks SPY has a mind of its own.
+1 Reply
jeffreyc96 msshultz19
@msshultz19 unless we drop big next week I think bulls are in complete control now..
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