SMP99
Short

SPY Thu 9-25

AMEX:SPY   SPDR S&P 500
9-25: The afternoon liftoff took the 15 min RSI back to +70 as expected, right into resistance at 199.50-199.60. I think a test 198.50-198.70 is likely and should resolve some of the overbought condition. Action there may determine if 50 MA (197.82) will be tested again today/tomorrow. If support holds at 198.50 then a retest of 200.31 becomes likely. Otherwise 197.8, then 196.60

Upside target: 200.30
Downside target: 198.60, 197.82, 196.60

UPDATE: Two downside targets hit in first 40 min. Next up 196.60?
UPDATE 2: Final downside target of the morning hit. Bonus target 195.75 up next?
15 min RSI moved from 73 to 23 in 55 min.
Reply
HUGE move. 196 does not look to be in cards today.
Reply
SMP99 leokaplin
Look at 15 min chart of April 3rd to April 11 SPY. It had a very swift 50% retrace of a down move. Followed by a new low. We seem to be following that move but on a faster time scale. 196.50 may this afternoon or in the morning
Reply
GREAT CALL!!!! if today 196.60.. then what?
Reply
SMP99 leokaplin
IF 196.60ish fails, we get 195.75
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