themarketzone

No need for fancy indicators - Simple trend is enough

AMEX:SPY   SPDR S&P 500
For the last 3 months I've been writing about this one simple trend line that generated profits every time that the price has touched it. This red trend line that you see in the chart played major role of resistance every time that the $SPY tried to breakout of it. Over the last few months the Elite Zone members have received several shorting attempts on $SPY based on this trend line . Although there was other patterns and reasons to short $SPY at our entry levels, the basic rule was to monitor this trend line and make sure it keeps acting as resistance.

Whether it was Greece, Argentina or the oil             ..there were always reasons popping up once the $SPY touched this line.

Now, for the first time since October, there is a possibility that the price will also break support zone (200) but even if it doesn't and you'll see the $SPY rally, make sure you do not miss the next touch on this trend line .

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