Trendline Is Saving Your Portfolio, SPDR S&P 500 ETF Trust (SPY)

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The market "correction" is finally here and there is a sense of fear that is rising. The SPDR S&P 500             ETF Trust (NYSEARCA:SPY) has declined roughly about 7% from its high of $201.90, which was made on September 19th. So why is this market getting a bounce today? As you can see from the chart below, the SPDR S&P 500             ETF Trust (NYSEARCA:SPY) came into this very important trendline , which has acted as support a few times before and is now providing a very nice bounce. This market looks like it wants to get to 1905 on the S&P 500             , then we will see if it can get through there. If the index can get through that level, then I would say these markets will rally into year end.

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Parm Mann
Elite Round Table
Follow me on twitter: @ParmMannTrader
A download sloping trendline is not that powerful. Nick told me.
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