SPY 194.00 – bearish – Gaps below 3-week rising wedge support for 190.73
SPY gapped lower Tuesday morning (September 22, 2015) below 3-week rising wedge support to suggest scope for further consolidation towards the 190.73 range low area (September 1, 2015 low). A breakdown there would weaken further towards 186.92 (August 25, 2015 low) then possibly 182.40 spike low (August 24, 2015). However, if bulls manage to reclaim 197.68 (September 21, 2015 high), that would defer the downside and stabilize for 200.41 (September 16, 2015 high) then 202.89 (September 17, 2015 spike high).
Outlook:
Intraday: bearish
Daily: bearish
Weekly: neutral
SPY gapped lower Tuesday morning (September 22, 2015) below 3-week rising wedge support to suggest scope for further consolidation towards the 190.73 range low area (September 1, 2015 low). A breakdown there would weaken further towards 186.92 (August 25, 2015 low) then possibly 182.40 spike low (August 24, 2015). However, if bulls manage to reclaim 197.68 (September 21, 2015 high), that would defer the downside and stabilize for 200.41 (September 16, 2015 high) then 202.89 (September 17, 2015 spike high).
Outlook:
Intraday: bearish
Daily: bearish
Weekly: neutral