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SPY bullish on weekly chart

Long
SPDR S&P 500 ETF TRUST (AMEX:SPY)  
TradersForecast Updated   
AMEX:SPY   SPDR S&P 500 ETF TRUST
Pitchforks SPDR S&P 500 ETF (SPY) SPX (S&P 500 Index) S&P 500 (SPX500) usmarket usmarkets
2
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pitchfork spy spx spx500 usmarket usmarkets
SPY has been staying for too long at the level of the red line on the weekly chart (and slightly went over it) and didn't bounce down from it. On the other hand, the green line seems to provide a better support. Therefore, I expect SPY to break through on the upside.
Comment:
SPY did go up, at this time it's 415.86 (it was 411.50 when I posted this idea). I didn't buy SPY but I bought BULZ on 5/16 and just closed it with over 10% profit. At this time the market could go either way, there are bearish signs as well so I'll wait to see a clear direction.
Comment:
SPY starts to look more bearish, in my assessment. It is now 417.92
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