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SPY ETF Technicals: The Ultimate Battle for Bulls?
April 20 2016 ( From Tradeview, Stockcharts )
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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 challenging
the previous top at 211.00 made on December 2 2015...(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 are getting very close on a Daily basis of 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.
(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 now getting near 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. The real battle for Bulls is here...
(See 2nd Chart Below - Downward Channel - Ellipse)
"Chance favors the prepared mind."
SPY ETF Technicals: The Ultimate Battle for Bulls? $SPY, $SPX #Trading #Investing #SP500 #dxy
SP500 (SPY ETF)
Monthly Candles Chart
SP500 (SPY ETF)
20 DMA ( Yellow Line )
50 DMA ( Red Line )
200 DMA ( Green Line )