nmike

SPY >>>>short term BEARISH

Short
BATS:SPY   SPDR S&P 500 ETF TRUST
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.

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