SPDR S&P 500 (SPY)

[burntplebes]

SPY currently in two different triangles and an upward channel. The upward channel is 3 months strong and is bullish and will provide the best technical analysis. Short term, there are two triangles that have formed and are almost complete. One is a descending triangle with resistances at 211.15-211.25 and support at 208.45. This one is still a few weeks out before confirmation. The other triangle is shorter term and is a symmetrical triangle with same resistance of 211.15-211.25 and support of 209.75. By mid next week this triangle should be completed. If it breaks down then the 208.45 becomes next major support. If it breaks up then the potential target is $215+ which is the top of the 3-month channel(with other resistances along the way of course).

Below is an image to show this all. Good luck to everyone.