themarketzone

Bulls barley managed to hold their Fort - 196$ Safe, for now

AMEX:SPY   SPDR S&P 500 ETF
The $SPY closes the week just few cents above 196$ which was the last line of defense of the bulls.
The good NFP numbers made the $SPY gap up above the daily uptrend line only to meet minor hourly trend line which it failed to pass.
Really interesting to see how next Monday will open - A gap down below 196 could mean back to the selling business. A gap up could mean a deeper pullback, maybe towards the 198$ zone which is the next resistance level .
If you are looking at the $IWM, you see that despite today's rally, the chart isn't so positive:
https://twitter.com/themarketzone/status/518128663804403714

I will talk about it in next week's Weekly Markets Analysis newlsetter
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