novvoll12

SPY 210.36: Neutral – Tests 3-week triangle resistance

AMEX:SPY   SPDR S&P 500
spy
SPY             rebounded strongly off last Friday’s 206.87 low (August 7, 2015) to test 3-week triangle resistance (as shown on the daily chart ). A clean breakout would extend the bullish momentum through 211.45 to open the 213.18/213.34/213.78 key range ceiling area. However, a downside reversal below 206.87 (near the 200 day moving average) would negate the bullish scenario and weaken towards 206.26. Below would focus the 204.11 key 7-month range support.

Outlook:
Short term: neutral
Long term: bullish
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