It was a bad day for the market and bad day for SPY. Early in the morning SPY failed at its resistance right around the 156.91 level we mentioned yesterday. But things got bad for the market after failing at the 156.07, the first level that we mentioned to watch yesterday was 156.65, this level breaking started the selling and continued with a break of 156.22. Though the key level that was broken was 155.76, which was the support level and the short-term uptrend off the March lows. With this broken the short-term trend is broken and now the trend is downwards- although this is a very short-term trend. SPY made a swing low at 154.82, and this level has been supported so if the market wants to move lower and to the 153.64 level, this is the next level to break. Going forward we must now treat 156.65 as resistance and 155.89-155.76. The market won’t go higher unless it can get above 156.22.
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SPY Chart: Failed At Resistance
Published 04/04/2013, 03:04 AM
Updated 07/09/2023, 06:31 AM
SPY Chart: Failed At Resistance
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