SCANNER: GLPG KOLD OMCL RIO SYMC
SPDR S&P 500 (SPY)
Current Price: $301.26
- Short : 300.20
- Long: 301.50, 302.00
Short term: Bearish Mid term: Bearish
What’s SPY doing this morning?
This morning price is trading higher on SPY and all sectors. Again continuing to increase inside this ascending triangle. At the very tip top of it. Price is at a very critical point where it can run just a little bit more, or have a strong drop…at the very least the market could be looking for a new high to achieve..a particular number.
300.00 is a strong level which price has past for now. Also price on the 4 hour chart is continuing to have negative divergences while overbought (the past 3 peaks) at or near the 300 level.
What could this mean for today?
NOTE: Price can move in either direction regardless of analysis for any reason, however today’s close would most likely be FLAT with the either of the following scenarios:
Upside potential: Half and whole dollar amounts as resistance… 301.50, 302.00, 302.50 etc.
if we don’t see this then…
Downside potential: Would like to see a price sell off, or a double top somewhere around the 300 area.