SPY Bullish Trend Line
Updated
Keeping it simple. An ascending triangle formed last week, Monday, April 13th the SPY is down -2 %. The rule of thumb explained by Dr. Alexander Elder in his book Trading for a Living holds true. Institutions sell at resistance while retail traders are buying, and the opposite is true, institutions are buying at support while retail traders are looking for the nearest exit. The market is selling off today on a search and destroy for stops. I would not be surprised to see a continuation to the upside in SPY this week, unfortunately, most small accounts will not benefit from the ride up.
Comment
Today SPY is down 1.73% today, despite the pause in buying, price is still holding on an upward trajectory tight aginst the trendline. Not much else to say about it.272 support
300 resistance
Markets love big round numbers, I would not be surprised if 320 is tested in the next few weeks.
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