Spiders Facing Key Support
SPY, an exchange-traded
fund for the S&P 500, is currently facing a key price support decision from
106.80-107.48. This price zone has five price levels. The longer-term trend
is down, but the immediate trend since May 7 is up as we have made higher highs
and higher lows. Ideally, SPY would hold above this Fibonacci price support
zone. If it holds, then I might be interested in long trades with a stop just
below this price cluster around 106.80. However, failure to hold above this
zone leads me to conclude we are likely to at least test the May 7 low around
104.90.
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Have a great
evening!
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