SPY, Down-Trend, Day 10 since the Down Trend was confirmed on 4/29, BUT, has been in Free-Fall since the Yearly High of 210.92 posted on 4/20 or in DOWN-WARD Spiral for 17 Freakin Days, WOW!!!
The SPY confirmed an Up Trend Change on the Close of Friday 4/29 (208.67 was the Trend line), this is after triggering a Sell Signal on Thursday 4/28!
2/22, Down-Trend broken and SPY triggered a trend change (Buy the Dips)
4/28, SPY triggers a SELL Signal and Closes below its Trend Line, 208.41, in Dramatic Fashion
4/28, SPY closed at 107.45 (Up 3.7% for the Yr, Up 1.0% for the Month)
4/29, SPY MUST Close above Trend Line, 208.67, today to avoid a Trend Change and join the Q’s!!!
4/29, SPY Trend Change confirmed, Trend line moved to 208.58 on Friday’s close
5/1, We expect a continuation of said Down Trend and the supports are listed below
5/3, SPY completed day 3 of its New Down Trend, Trend Line went to 208.38 on the CLOSE Tuesday, we expect all support lines to be tagged and/or violated before any meaningful bounce??
5/6, SPY closed at 205.72 and day 6 of the New Down Trend, Trend line moves to 207.31
Support
208.65, violated 4/22
207.78, violated 4/25, CLOSED below 4/28 and 4/29, Not Good Bulls, (this line is a guide to the next three wks action, ANY failure to climb back above this line Mon/Tues spells Doom and Gloom for the remainder of the week??
206.84, violated 4/29, serious resistance on a CLOSE-ing basis
206.52, violated 4/29, this S/R line is the most important of them ALL for the Bulls, why u ask, because it represents the CLOSE-ing price on the third Friday of Dec 2014, nearly 18 months ago, WowZa!!!
205.92, violated 4/29, GAP filled, BUT, either we GAP and run Monday or all Hope is lost in the ST
203.87, Still Holding, got to 203.88 and bounced hard to close above 205.00
200.02, Still Standing as Support, this S/R line is the most important of them ALL for the Bears, why u ask, because it represents the CLOSE-ing price on the Third Friday of Dec 2015 and is the ZERO line in regards to gains or losses for the Year, “God” help us ALL if it fails ANYTIME for the remainder of the Year!!!!!!
Q’s (posted day 18 of the Down-Trend, Weakness Continues – SELL any bounces)
The Q’s have BROKE the Up Trend on the Close on Friday 4/22 (110.10 was the Trend line), and is already in a SELL-the BOUNCE trend!
2/22, Down-Trend broken and Q’s triggered a trend change
4/22, Up-Trend broken and Q’s triggered a trend change
4/28, Q’s closed at 106.28 (down -3.2 % for the year, down for -2.6% for the month )
4/29, Q’s closed at 105.72 (well below their YTD ZERO line, 109.83)
5/3, Q’s closed at 105.73 and will likely make a run for 104.32 which is where it closed on the third Friday of Dec 2014 or nearly 18 months ago??
5/6, Q’s closed at 105.58 and made it down to 104.40 (nearly tagging our 104.32 target), Trand Line moved to 107.08
