SPY bounced from the brim of bear market, continuation next

Panjang

SPDR S&P 500 ETF TRUST (AMEX:SPY)

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AMEX:SPY SPDR S&P 500 ETF TRUST

I think the short term bottom of SPY is in today. We bounced off from around $387, which is so very close to $384 (at which point we are in technical bear market).

So we are in bear market, sort of, but not quite, go figure.

I think we will follow through higher from here for another 2 days. Then we might break the downward channel and breakout the 3rd day or so. Swing trade price target around $445.

Komen:

So we didn't break out of the downward channel right after May 17. We had a full pullback and found the bottom again on May 19.

This does two things, one is re-test the near term bottom near $390 and have a double bottom setup. Two is we are now even closer to the upper trend line of the downward channel and there is a very good chance that we will break out coming Monday or Tuesday.

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