After the recent drop, SPY found support at 330 and has been rejected by the 200ma several times at 340, and later even lower by the 50ma. However, it still has time to make it over and find new support above 340. If it doesnt, bulls will be in trouble. The next few days will be important to establish new long term trends.
Comment:
Gap up during premarket helped momentum for the bulls. Ended the day will a selloff. More momentum is needed to continue upward trend and comfirm this drop was indeed a correction and not a trend reversal.
