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abigreen

SPY Still in the uptrend channel

SPDR S&P 500 ETF TRUST (AMEX:SPY)  
abigreen Updated   
AMEX:SPY   SPDR S&P 500 ETF TRUST
Trend Analysis Chart Patterns Technical Indicators
7
1
trendanalysis chartpattern indicator
Looks like it will go for a test of its lower band support at around 397.
We may bounce this morning to its previous support (pennant) which is at around 408, if rejected SPY will fall to 397 level.
In order to keep the uptrend intact SPY will have to hold there. If it does, then last impulse to 427 is possible.
Comment:
If SPY bounce and gets rejected at around 408, I am going to swing short position
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