SPY: Consolidating Losses, 50 MA Remains As Support

Published 03/10/2015, 02:10 AM
Updated 07/09/2023, 06:31 AM

These are my thoughts on the SPY ETF



“Others believing in you is nice but worthless if not matched by your own thought.”

(Scott Moore)

Monday was pretty quiet as the selling from Friday was digested. I’ve got a few small short levels to day-trade off of but I’m being very selective and waiting for them to be hit dead on and they haven't yet in the (ARCA:SPY) ETF.

A little more weakness should set in shortly and then closer to weeks end we should begin to see the large bounce begin and I’ll be taking advantage of it in a big way.

The metals held well yesterday while the miners didn’t and the miners usually lead.

SPY Daily Chart

SPY is digesting losses and the 21 day is acting well as resistance so far. The 50 day average remains support and under that is the 100 day at 203.40.

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