SPY Fri 9-26

9-26: With oversold conditions heading into the day, SPY could see some chop for the day between 196.40-197.29. A break of yesterdays lows would get us 195.76, above we have 197.50. Rising SPY trend-line appears to come into play in the 194.50-195 area. Hitting this area might happen next week and could be a great short term buying opportunity. I'll be watching for an RSI divergence similar to the one observed on the 8-7-14 low

Support: 196.35, 195.75, 194.65
Resistance: 197.50