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Tuesday, May 23, 2017 10:48:19 AM
:::: SPY Retraces Nearly All of Last Week's Decline. What Now? ::::
By MPTrader | May 22, 2017
The SPDR S&P 500 ETF (SPY) 120-minute Candle Chart shows that the last Wed-Thurs plunge from 240.67 to 236.15 mostly has been erased.
The only level left for this rally to accomplish is to close Wednesday morning's opening down-gap at 240.08-- and to sustain above the gap, to indicate that last week's very brief decline represented a completed near-term pullback.
Should such upside continuation unfold, then within the subsequent hours, SPY also should climb above its March-May highs at 240.32 and 204.67, into new high territory, which also looks like it could unleash upside strength in the aftermath of a 2-1/2 month high-level, inverse, corrective accumulation formation that will project to 245.50, and then to 248.20/50 thereafter.
Only failure to close and hold above last Wednesday's down-gap at 240.08, and/or continue higher to take out the March-May highs, followed by a reversal that breaks 237.90 initially, will begin to compromise the current upmove, and will leave SPY vulnerable to additional corrective weakness off of the 240.30/70 resistance zone.
https://www.mptrader.com/middayminute/
• DiscoverGold
Click on "In reply to", for Authors past commentaries
By MPTrader | May 22, 2017
The SPDR S&P 500 ETF (SPY) 120-minute Candle Chart shows that the last Wed-Thurs plunge from 240.67 to 236.15 mostly has been erased.
The only level left for this rally to accomplish is to close Wednesday morning's opening down-gap at 240.08-- and to sustain above the gap, to indicate that last week's very brief decline represented a completed near-term pullback.
Should such upside continuation unfold, then within the subsequent hours, SPY also should climb above its March-May highs at 240.32 and 204.67, into new high territory, which also looks like it could unleash upside strength in the aftermath of a 2-1/2 month high-level, inverse, corrective accumulation formation that will project to 245.50, and then to 248.20/50 thereafter.
Only failure to close and hold above last Wednesday's down-gap at 240.08, and/or continue higher to take out the March-May highs, followed by a reversal that breaks 237.90 initially, will begin to compromise the current upmove, and will leave SPY vulnerable to additional corrective weakness off of the 240.30/70 resistance zone.
https://www.mptrader.com/middayminute/
• DiscoverGold
Click on "In reply to", for Authors past commentaries
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• DiscoverGold
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