Always consider hidden risks
SPY ETF Technicals: Major Support Trendline in Jeopardy ?
​February 11  ( From Tradeview  )
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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) from a low in
​March 2009 ​of 67.10 to the high ever on May 2015 at 213.78 rose
​by a ​factor ​of 3.2 spurred by low interest rates and strong buybacks
​from US corporations. Those factors are fading quickly...

​​​​In fact, when we broke a Rising Wedge Pattern on August 21 2015​, ​​
​game was over on SPY ETF on a short term basis and then ​reached
​then the panic ​selling level ​on August 24 at 182.40.
​​( See 1rst Chart Below - Bottom Grey Trendline )

​​We almost reached on September 29 the Daily Low of ​August 24 and
​rebouded violently. It was a double bottom​ and the market rallied
​and for the first time since August 24, and it did finally on a ​stronger
​volume. Since the end of December 2015, market internals ​continue
​to deteriorate tremendously. 

And now, we are testing the Low price on August 24 at 182.40. ( See 1rst Chart Below - Bottom Grey line - Ellipse ).

​​​​But the most interesting technical factor is that we are near testing again the Daily Major Support Trendline that started back on October 15 2014 and near of a break down. 
( See 1rst Chart Below - Grey Trendline - Ellipse )

And looking at a bigger picture on a Monthly Chart ( See second chart below ), we can see that if we break this support trendline mentioned above, then the next major one that started since March 2009 is quite far below
​of today s level.​​ 
( See second chart below, Blue Trendline )

 Louis Pasteur 
"Chance favors the prepared mind."

SPY ETF Technicals: Major Support Trendline in Jeopardy ?  $SPY, $SPX   #Trading #Investing #SP500 #dxy

Monthly Chart - Candles

Dailly Chart - Candles