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ratchet-mint

SPY is now showing signs of a possible reversal

Short
SPDR S&P 500 ETF TRUST (AMEX:SPY)  
ratchet-mint  
AMEX:SPY   SPDR S&P 500 ETF TRUST
Support and Resistance Trend Lines Candlestick Analysis
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supportandresistance trendline candlestick
SPY this morning gapped down breaking its upward momentum trend.

  • Gapped back down into its long term downward trend range.
  • Downward momentum has slowed.
  • Formed a bullish shooting star candlestick.
  • Now trying to confirm the bullish reversal by starting into an upward momentum in the current period

I am expecting SPY to start trading back inside its long term downward trend range. If SPY does stay inside original downward trend, this would make the recent rally we experienced a false breakout.
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