SPY @ 206.52 - bearish – Expects further consolidation within the 2.5-year range near term
SPY stalled at the 212.52 resistance area (June 6, 2016 YTD high), just shy of the 213.78 all-time peak (May 18, 2015). Subsequent decline via a spinning top reversal pattern suggests bears are back in control. It is likely to see a retest of the 202.78 prior low (May 16, 2016 weekly low). Further weakness below the latter would open 200.55 (38.2% retracement of the 181.02/212.52 upswing (January 18, 2016 YTD low/June 6, 2016 YTD high), and then 196.85 (50% of the 181.02/212.52 upswing).
If the stock is able to retake the 212.52 level decisively, that would stabilize the structure and extend the price action towards 213.78. A clean breakout there would complete the 2.5-year range consolidation and turn bullish on the market for new highs.
Outlook:
Intraday: bearish
Daily: bearish
Weekly: bearish
Monthly: neutral
SPY stalled at the 212.52 resistance area (June 6, 2016 YTD high), just shy of the 213.78 all-time peak (May 18, 2015). Subsequent decline via a spinning top reversal pattern suggests bears are back in control. It is likely to see a retest of the 202.78 prior low (May 16, 2016 weekly low). Further weakness below the latter would open 200.55 (38.2% retracement of the 181.02/212.52 upswing (January 18, 2016 YTD low/June 6, 2016 YTD high), and then 196.85 (50% of the 181.02/212.52 upswing).
If the stock is able to retake the 212.52 level decisively, that would stabilize the structure and extend the price action towards 213.78. A clean breakout there would complete the 2.5-year range consolidation and turn bullish on the market for new highs.
Outlook:
Intraday: bearish
Daily: bearish
Weekly: bearish
Monthly: neutral
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.