SMP99
Short

SPY 5 Yr Price Range

AMEX:SPY   SPDR S&P 500 ETF
187 4 7
A break in the price range above to the low side in conjunction with a RSI break below 50 would send SPY             to at least 2 or more of the above marked targets (191, 181, 171, 161).

BUT first, a test of and bounce off of 191-193 (lower channel support) seems mostly likely. The strength of that bounce should tell us whether new highs within the tightening range are coming or finally a break below. SPY             could hit 209 by this Dec WITHOUT breaking the upper channel.
play4trade
2 years ago
Very Nice Chart
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SMP99 PRO
2 years ago
Thanks play4trade. Should be interesting to see how this plays out.
+1 Reply
play4trade SMP99
2 years ago
We are near "EUPHORIA" levels... People are almost offended if you say we are bearish. This is when you know we are near a short-term top...
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SMP99 PRO play4trade
2 years ago
Agreed. But a bounce off support of that lower trend line (191-193) seems highly likely. A weak bounce without new highs (197-198) is my current opinion. But a bounce to new highs from there may keep the whole thing rolling a bit longer.
+1 Reply
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