andrew.berg

SPY short term down scenario with levels

AMEX:SPY   SPDR S&P 500 ETF TRUST
SPY covered part of losses after drop down on Thursday. Looks like buyers don't want to give up. I am oging to measure sentiment with Fibonacci levels. This bounce wasn't so strong as it is only 38%-50% from the move from highs. If sellers will hold $194.20ish, then $194.60-.80 then with high probability I expect move through low $193.11 to the next potential support at $192.50 where 21 EMA on daily chart is situated.

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