novvoll12

SPY $209.12: Pulls back to expose rising wedge support

AMEX:SPY   SPDR S&P 500
spy
SPY             pulled back from the YTD high at 212.48 ( April             27, 2015) to test the 208.90 support ( April             22, 2015 low) which is right above the 55 day moving average currently at 208.40 and the 2-month rising wedge support. While the 208.40/90 zone holds the dip, back above 210.35 ( April             30, 2015 high) would stabilize SPY             and signal return of strength towards 212.48. However, if bears manage to break below the 208.40 area, that would suggest near term topping and weaken towards the 204.12 range low (March 26, 2015).
Outlook:
Short term: neutral
Long term: bullish
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