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ivanistrading

SPY update - Feb 21

SPDR S&P 500 ETF TRUST (AMEX:SPY)  
ivanistrading  
AMEX:SPY   SPDR S&P 500 ETF TRUST
Trend Analysis Support and Resistance SPDR S&P 500 ETF (SPY) market
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trendanalysis supportandresistance spy market
SPY confirmed first support levels noted here:
SPY plan for the upcoming week

For now, 494-496 zone is valid support as well as UTL (upward trendline).

Also, I added a bull flag here (red lines).

My scenarios are:

Scenario 1. SPY holds yesterday lows + UTL.
Jumping back on 8EMA, showing strength, ready to do new highs.

Scenario 2. SPY going lower onto the next support - 21EMA, then 490-488 as pivots + Channel (flag) bottom.
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