SetNameAsJoe

Bull if we clear 271.50 range

AMEX:SPY   SPDR S&P 500 ETF TRUST
We are still in high resistance, and the breakout above the red trend line may have been a fake out (it's an evening star on the daily). But if we remain above this support, and break above the 271.50 range (top of first yellow resistance area ) then I think the 274-275 price target is the next stop, possibly followed by the 281 retest area.

Just waiting for confirmation, then going for some 274 calls.


THIS IS NOT TRADING ADVICE, I'M NOT A PROFESSIONAL.
Feb 05
Comment: Price action seems to be rising up towards that range. Also note (it's not shown) but the 200 dma is right around 274 as well. So that area is heavy resistance. I'm very interested to see if we will break through (and then up to 281 tops) or bounce off and pullback a bit. Time will tell.
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