tristan.rhodes

Which triangle is SPY inside? Watch for a breakout

AMEX:SPY   SPDR S&P 500 ETF
37 2 0
SPY             has support at the rising green line, and the horizontal brown line. The green line is the bottom of a triangle. If this green line is broken, go short.

SPY             has resistance at the red and blue line. Watch these resistance lines to determine the shape of the triangle that SPY             is trading inside. If SPY             breaks above both the blue and the red lines, then go long.

Once SPY             breaks outside this triangle, the price movement should be fast, so be ready in either direction!
Based on today's price action, it looks like the market is honoring the Red resistance line.

However, some other people think SPY wants to close the gap around 204 (top brown line), which would require using the blue triangle to get up that high.

My plan is to go short if price breaks below the Green line, and to go long if the price rises above the blue line. For now, I am staying neutral.
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tristan.rhodes tristan.rhodes
So close to breakout, be ready in either direction.
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