SPY is trading in an upward channel.
The bottom part of the channel is followed very closely by the 100 day ema
It looks like to me that the EMA are better fits than SMA
The 100 day EMA have provided a support 3/11, 3/26, and 4/1
The 50 day EMA have provided a first level of support.
Today we are currently at the 50 day EMA, so expecting a bounce up, plan to buy in tomorrow or next week.
If it fails, I expect it to touch 207.5-208 area and hold above that area.
Target profit area is 212.30 area.
I am not sure if 210.45 will act as a resistance since it broke through it already.
If the 207.5-208 doesn't hold, I expect it to drop to 204.40, but then we will be outside the upwards channel like 1/30/2015. Will possibly trend sideways in a horizontal channel before continue its climb up.
The bottom part of the channel is followed very closely by the 100 day ema
It looks like to me that the EMA are better fits than SMA
The 100 day EMA have provided a support 3/11, 3/26, and 4/1
The 50 day EMA have provided a first level of support.
Today we are currently at the 50 day EMA, so expecting a bounce up, plan to buy in tomorrow or next week.
If it fails, I expect it to touch 207.5-208 area and hold above that area.
Target profit area is 212.30 area.
I am not sure if 210.45 will act as a resistance since it broke through it already.
If the 207.5-208 doesn't hold, I expect it to drop to 204.40, but then we will be outside the upwards channel like 1/30/2015. Will possibly trend sideways in a horizontal channel before continue its climb up.
