Tuesday, February 23, 2016

Resistance above the 194 still strong

This is the 3rd time SPY retreated near the 194-195 zone. If this is nt a trap to lure-in all the bears and then move upwards, the downside would most likely be much more fast and furious. Key support right now is around 1910 - 1885. If that breaks then most likely things would unravel quite quickly to the downside and there would be a very high likelihood that the SPY will easily take out the recent low of 1810.

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