SPY testing long term support

$SPY is presently testing long term support. So far intra-day             it has undercut the August low of 182.40 but as of this writing has rebounded back above that level. Additionally, it is also flirting with the October 2014 lows of 181.92.

The more a support level is tested, the more likely it is to break. Think of it like taking a sledge hammer to a floor. You may do some damage to the floor on the first try but its unlikely you’ll break through. As you continuously hit the floor the hammer , it weakens and finally breaks. If we don’t break here, I suspect we likely will soon.

What helps support the market and keep the floor from breaking is ultimately demand for stocks (i.e. the performance leading stocks, stocks making higher highs, stocks in well formed bases setting up and/or breaking out). We do not see any of that here and in fact, most stocks have been leading the charge downward for quite a while.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out