SPY Eyes Important Resistance

Published 05/09/2017, 01:03 PM
Updated 07/09/2023, 06:31 AM
SPY
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Based on point and figure charts, let's take a look at my intermediate-term SPDR S&P 500 ETF (NYSE:SPY) setup, which shows the price structure is range-bound between 232 on the low side versus 240 on the high.

Since the dominant trend is up, we need to give the benefit of the doubt to upside continuation.

A print of 240.50 will trigger upside breakout projections to 245-246 and possibly to 248-250.

In the event the 240 double high is not taken out with a 240.50 print, then a lower print of 237.50 will begin to morph the double high into a more highly probable double top at 240.

For now, the bulls certainly remain in directional control of SPY.

SPDR S&P 500

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