Lots of Trendlines - Which Will SPY Pick

Lots of Trendlines - Which Will SPY Pick

On Friday SPY collapsed but rallied back above trendline A, breaking the downtrend. Trendline B defines the rally uptrend. SPY also broke down below trendline B and backtested trendline B and failed. SPY closed near another backtest with trendline B. Trendline C may offer some support while trendline D may offer resistance. If SPY breaks to the upside and holds above trendline B then I expect SPY to continue to 109.21 to fill the gap. If SPY cannot hold above trendline C then SPY is headed to 106.6

LOADING
(optional)
(optional)
Copyright 2009. All Rights Reserved.   Site Map
Disclaimer: All content on spychart.net is intended for recreational purposes only. Consult a licensed financial planner before making any decisions with financial ramifications. The author is not liable for any financial, mental, physical, or spiritual loss or damage incurred by the reader.