jamespwu

SPY heading into neckline resistance

AMEX:SPY   SPDR S&P 500
54 0 0
We will see if SPY             can get above the 187.5 neckline resistance. I believe this is an important level in the short term. 2 things that are positive for the market are: we did not make a lower low for now, and the RSI has actually improved each time we approached the 181-182 level. If this is a bear market, the decline is far from being over. IF the SPY             head and shoulders pattern fulfills itself. We are look at the 165 neighborhood. Personally, I believe we have more room on the downside, but we will see.
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