SPY- Former rising wedge support now reverts to resistance
SPY 192.47 – bearish – Former rising wedge support now reverts to resistance
SPY reversed lower from Friday’s 195.00 high (September 25, 2015) just beneath the former rising wedge support which now reverts to resistance. Below 190.56 (September 24, 2015 low) would weaken further towards 186.92 (August 25, 2015 low) then possibly 182.40 spike low (August 24, 2015). Bulls need to reclaim 195.00 to stabilize and shift the focus towards 197.68 (September 21, 2015 high) ahead of 200.41 (September 16, 2015 high). Above there would bolster for 202.89 (September 17, 2015 spike high).
Outlook:
Intraday: bearish
Daily: bearish
Weekly: neutral
SPY reversed lower from Friday’s 195.00 high (September 25, 2015) just beneath the former rising wedge support which now reverts to resistance. Below 190.56 (September 24, 2015 low) would weaken further towards 186.92 (August 25, 2015 low) then possibly 182.40 spike low (August 24, 2015). Bulls need to reclaim 195.00 to stabilize and shift the focus towards 197.68 (September 21, 2015 high) ahead of 200.41 (September 16, 2015 high). Above there would bolster for 202.89 (September 17, 2015 spike high).
Outlook:
Intraday: bearish
Daily: bearish
Weekly: neutral