ncorreia

SPY Hangman or Fakeout

AMEX:SPY   SPDR S&P 500 ETF TRUST
Yesterday the SPY broke above an important level (GAP) at 302. It also confirmed two consecutive days above the 200sma. Interestingly enough on the last close it printed a bearish hangman candlestick . It'll be interesting to see what happens into the end of the week. If we can keep above the 200sma and print a proper bullish structure ( double bottom etc), then the potential upside is pretty impressive. If we break down through the 200, I recon we get stuck in a trading range somewhere between 290s-300.