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SPY Breaks Short-term Uptrend

Published 02/01/2013, 10:07 AM
Updated 07/09/2023, 06:31 AM

Yesterday, SPY actually was negative and sold off breaking below its first support level since early January.

The 150.25 level was the first short-term support level that was broken, it was the consolidation breakout level before the latest highs.

SPY 1
Along with breaking support SPY also broke its uptrend line from the middle of January. Both of these are short-term bearish and should put pressure on the market. A more important level to watch today is 149.50, this area was support for the market all of last week and below it is not much support till 148.14 – 147.18. So if SPY cannot hold 149.51, the market could drop 1.5% from that level. Not to bad but still a pullback from the highs. This drop now firms up resistance at 150.25 and the new swing high for the year at 150.94. Short-term things are looking slightly bearish but unless 149.50 breaks it won’t get to bad.
SPY 2

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