S&P500 SPY DAILY DOWNTREND UPDATE
The decline in the S&P500 is going very orderly and according to logic.
This is just an update, where I have highlighted the 10-day support level (purple box labeled "10 Pd Supp.") where we are seeing support holding the market here today. I also highlighted the 202-201 level where 15-days of time have built a level of support too.
There is a 6-day downtrend in effect from the 6-day mode labeled and we are in day-4 of that decline.
So, if you are short, hold on but it is possible to have a decent bounce from here to life SPY back into the gap over 207 but likely won't be able to touch 208. I think a low-risk short will be again at the 207 level and my next target is the 202 and below that, the 197-194 area, which I think is the bottom for the spring and will wipe out bullish sentiment for awhile and set up a rebound into summer.
For now, let's just take one day at a time since this is so critical.
Cheers.
Tim
205.18 last SPY 12:01PM EST 3/11/2015
This is just an update, where I have highlighted the 10-day support level (purple box labeled "10 Pd Supp.") where we are seeing support holding the market here today. I also highlighted the 202-201 level where 15-days of time have built a level of support too.
There is a 6-day downtrend in effect from the 6-day mode labeled and we are in day-4 of that decline.
So, if you are short, hold on but it is possible to have a decent bounce from here to life SPY back into the gap over 207 but likely won't be able to touch 208. I think a low-risk short will be again at the 207 level and my next target is the 202 and below that, the 197-194 area, which I think is the bottom for the spring and will wipe out bullish sentiment for awhile and set up a rebound into summer.
For now, let's just take one day at a time since this is so critical.
Cheers.
Tim
205.18 last SPY 12:01PM EST 3/11/2015
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