Thursday, November 19, 2015
209 acted like a brick wall today for SPY, consolidating under that level all day. It will be interesting to see if we repeat yesterday's actions tomorrow (overcoming the 209 resistance area and moving towards the 210.2 level). Failing to overcome this resistance we will definitely see pull back to the 207 support area.
Wednesday, November 18, 2015
So we are back to 208 level. We were here just a week ago, on Wednesday Nov 8th the market took a dive. Found support around 202 level, bounced back off of that level on Monday. The turn around made it to the 207 level which acted as a resistance, we pulled back to the 205 level on Tuesday. The 205 level has been acting as a strong support recently. On Wednesday the market gaped up, consolidated around 207 for a few hrs and made a deceive move up towards 208 level. Taking it back above the 21 day SMA and hitting the 208 level after a week. The next resistance (according to my chart below) is at 209 level. It will be interesting to see what happens tomorrow as we have the FOMC minutes coming out tomorrow as well.
Tuesday, November 17, 2015
Monday, November 16, 2015
Friday, November 13, 2015
All these prices are important points for SPY:
208, 207.24, 206.4, 204.4, 202.4, 201.6, 200, 199.50, 198, 197, 196.01, 194.35, 191.7, 190.50, 188, 183, 182.4, 181.92, 173.71.
210.25, 211, 212.24, 212.59, 213.35, 213.78
Thursday, November 12, 2015
Can it find buyers around the 204 area, it has acted as support on 5 different times previously, if 204 does not act as support then the next strong support is 200 area. SPY sinked below all the major SMA's (8 SMA 209, 21 SMA 207, 200 SMA 206.5). Similar situation as the last week of Sept. could see another drop if the 204 support does not hold tomorrow's session could be crucial.