marketmind3

SPY SPX Bullish Breakout Confirmed

Long
AMEX:SPY   SPDR S&P 500 ETF TRUST
Its not an ideal set-up, but its still a breakout with multiple levels of support below.

Bottom line, we have a downtrend breakout and some technical confirmation. Again, its not a slam dunk.

But my gut tells me sentiment got overly bearish , so there is fuel for a rally. And we have a whole lot of support levels all the way down to $277 SPY to hold a sell-off - trendline, 100-day moving average, 200-day .

On the upside, clear sailing at least to $287. Probably higher

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