nmike
Short

SPY >>>>short term BEARISH

BATS:SPY   SPDR S&P 500 ETF
296 3 2
SPY             has broken a 4 month channel and it has already reached the first FIB.level which also happens to be a support area .If it doesn't hold this level,the next target is the 140.21 FIB.level which also happens to be a support area .
SHORT TERM BEARISH means that the daily is BEARISH but the MONTHLY is still BULLISH .We have to wait until near end month to see what kind of candle pattern has developed. A close below the bottom CLONE channel would very bearish .This analysis is supported by a WEEKLY NEGATIVE DIVERGENCE.
SPY falls below yellow channel then tests the bottom boundary of the yellow channel,attempt to get back in fails and then falls to the bottom of the CLONED channel.
If SPY can clear the 143.21 FIB resistance,next target is the top of current channel.....may the CLONES be your friends....
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...back above support
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Followed.
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