Always consider hidden risks
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

Dailly Chart - Candles
​​20 DMA ( Yellow Line )
​50 DMA ( Red Line )​
200 DMA ( Green Line )​