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TECHNICALS

SPY ETF: Breakout; Close but not Yet?
June 01 2016 ( From Tradeview, Stockcharts )

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The Situation

We have been in one of the most Bullish Stock Market in history since 2009. The Mighty
SP500 Index (SPY ETF in our case) went from a low in March 2009 of 67.10 to the high
ever on May 2015 at 213.78, so rose by a factor of 3.2 spurred by low interest rates and
strong buybacks from US corporations.

But in fact, since the peak made on May 20 2015 at 213.78 on the SPY ETF, we are into a
lower highs and lower lows technical pattern in a multiple down steps but quite near
of challengingthe previous top at 210.92 made on April 20 2016...
In fact, on May 31 2016, we did trade a high of 210.69.
(See 1rst Chart Below - Thick Amber Trendline - Ellipse)

And we made almost a double bottom technical pattern (January 20 2016 and
February 11 2016 to painfully climb into a Steep Uptrend Channel on Low Volume.
(See 1rst Chart Below - Channel)

The SPY ETF is now at 15.9% from its bottom reached on February 11 2016, quite a strong rebound...

We tested on May 31 2016 on a Daily basis a Major Resistance Trendline that started back since the ultimate peak in price reached on May 20 2015. Bears need to keep SPY ETF below that Resistance Trendline daily wise.(See 1rst Chart Below - Thick Amber Trendline - Ellipse).

But looking at the big picture (Monthly Candles Chart on SPY ETF) shows us the most interesting technical factor; we are into a lower highs and lower lows technical pattern since May 2015 and finally tested the Resistance Zone on that Monthly Downward Channel... The best set up for Bulls is testing it in a strong Volume environment in the next few trading sessions which is not the case obviously. The real technical battle for Bulls is here...
(See 2nd Chart Below - Downward Channel - Ellipse)

Louis Pasteur
"Chance favors the prepared mind."

SPY ETF: Breakout: Close but not Yet? $SPY, $SPX #Trading #Investing #SP500 #dxy

SP500 (SPY ETF)
Monthly Candles Chart

SP500 (SPY ETF)
Dailly Chart - Candles
20 DMA ( Yellow Line )
50 DMA ( Red Line )
200 DMA ( Green Line )

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