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Uncle_Eagle

SPY: ZOOM or BUST? Breaking the Descending Triangle...

SPDR S&P 500 ETF TRUST (AMEX:SPY)  
Uncle_Eagle  
AMEX:SPY   SPDR S&P 500 ETF TRUST
Trend Analysis Chart Patterns SPDR S&P 500 ETF (SPY)
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trendanalysis chartpattern spy
SPY

I've been saying since we took a downturn that I fully expected SPY to hit a full .5 retracement to $328. We officially hit our $328 retracement on Friday. If by Monday we can climb back over $332.23, we should see 335.64. However, at that point we can EITHER head out of the descending triangle and continue up, or we'll bounce back down 325.79. We have a VERY strong monthly resistance at 323.73 that we could bounce at and head back up at this point.

Stay safe, and stay risk managed. While I WAS very bullish this week, politics will play an important role until elections.
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