Rashad
Short

SPY possibly headed towards 196.12

AMEX:SPY   SPDR S&P 500 ETF
spy
115 0 1
spy
Right now SPY             is testing 1st Support level on the Fibonacci Pivot, and stochastic (15,3,3) is giving a sell signal and becoming more oversold. If the current support doesn't hold, SPY             could be headed towards 196.12. Also the last 2 candles were bearish engulfing. If tomorrows candle is also a bearish engulfing candle, that would form a 3 black crows pattern which is very bearish . As well the MACD is starting to turn negative after previously indicating a possible reversal.
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