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faiyaz7283

SPY sitting on a support line

SPDR S&P 500 ETF TRUST (AMEX:SPY)  
faiyaz7283  
AMEX:SPY   SPDR S&P 500 ETF TRUST
Trend Analysis Chart Patterns Technical Indicators support SPDR S&P 500 ETF (SPY) bounce bounceup breakdown reverse
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trendanalysis chartpattern indicator support spy bounce bounceup breakdown reverse
Just observing SPY's price action. I have drawn a rising channel which contains the price action for SPY since early last year. Friday we touched the bottom of the channel and closed near it. Looking back, this support line has been tested 8 times before.
  • One successful crash (red circle)
  • Three failed break (yellow circles)
  • Four bounce and reverse the next day (green circles)

Now, next week we will find out what happens this time around.
Faiyaz Haider

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SPY support broken for a single day then recovered the next day
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