SPY 223.53 weekly bullish – Forms a 6-month rising channel
SPY 223.53 weekly bullish – Forms a 6-month rising channel
SPY reached a new all-time-high at 228.34 (December 12, 2016 weekly peak), forming a 6-month rising channel, before consolidating. While the key 217.66/216.05/213.13 support zone (20-week moving average/61.8% of the 208.38/228.34 upswing/76.4% of the 208.38/228.34 upswing, near the channel lower bounds) holds the pullback, a rebound remains expected to test the 228.34 resistance. A breakout through the latter would offer scope for new highs towards 244.32 (equality target of the 213.75-181.09 2014-2016 base top).
However, a clean breakdown below the 213.13 support area would dampen the bullish momentum, and signal further consolidation towards the 208.38 higher low (October 31, 2016 weekly). Below would reveal the 198.65 higher low (June 27, 2016 weekly low) right above the 200-week moving average currently at 195.32, which has been the long-term support since 2010.
Outlook:
Daily: neutral
Weekly: bullish
Monthly: bullish
SPY reached a new all-time-high at 228.34 (December 12, 2016 weekly peak), forming a 6-month rising channel, before consolidating. While the key 217.66/216.05/213.13 support zone (20-week moving average/61.8% of the 208.38/228.34 upswing/76.4% of the 208.38/228.34 upswing, near the channel lower bounds) holds the pullback, a rebound remains expected to test the 228.34 resistance. A breakout through the latter would offer scope for new highs towards 244.32 (equality target of the 213.75-181.09 2014-2016 base top).
However, a clean breakdown below the 213.13 support area would dampen the bullish momentum, and signal further consolidation towards the 208.38 higher low (October 31, 2016 weekly). Below would reveal the 198.65 higher low (June 27, 2016 weekly low) right above the 200-week moving average currently at 195.32, which has been the long-term support since 2010.
Outlook:
Daily: neutral
Weekly: bullish
Monthly: bullish
