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).
Short term: neutral
Long term: bullish