Trendline Is Saving Your Portfolio, SPDR S&P 500 ETF Trust (SPY)
The market "correction" is finally here and there is a sense of fear that is rising. The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) has declined roughly about 7% from its high of $201.90, which was made on September 19th. So why is this market getting a bounce today? As you can see from the chart below, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) came into this very important trendline, which has acted as support a few times before and is now providing a very nice bounce. This market looks like it wants to get to 1905 on the S&P 500, then we will see if it can get through there. If the index can get through that level, then I would say these markets will rally into year end.
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Parm Mann
Elite Round Table
Follow me on twitter: ParmMannTrader
If you are looking for market guidance and direction, make sure it comes from the Elite Round Table. Our FREE market emails contain information that can actually make you money for both short term trading and long term investing.
Parm Mann
Elite Round Table
Follow me on twitter: ParmMannTrader
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