Key Support And Resistance for SPY (longterm)- Week of 2/29/2016
Heading into the session tomorrow investors and traders are going to be watching these lines closely. It is my own opinion that the 210.31 line is major resistance, and that any surge above this line will be sold quickly back down into the 200 - 195 zone. The bull run i've mapped out with the pitchfork is from the end of the 2008 recession, and as you can see, not really much of a retracement has occurred. From 2014, the rsi has slowly been coiling up at 40. This could be a signal of a new bull rally, but i stand by my position that it must make 210 support. If you're selling short, watch the .382 (176.48) and the .236 (168.53) for signs of support. From what i interpret from this chart, the bulls better quickly turn things around to at least 198.50, if it cant hold that line the bear position is one that i'd be watching. Let me know what you guys think!
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