SPDR S&P 500 (SPY)

[etalors]

There are a few things to look at from a technical perspective for upside targets and a reversal from there.

Weekly 50 MA: 4358. Weekly chart also shows a bullish MACD crossover. First time since over 8 months.
200 MA: 4346 Daily chart

Fibonacci retracement of downtrend: 50% = 4227.5 (very likely possibility and is also an area of previous resistance).
61.8 % = 4367 ( unlikely)

The down sloping, upper trendline, from the Jan High currently sits at 4366. But by mid august will descend to about 4300.

At this point there seem to be a lot of targets 4300 or over. I am thinking we will see 4300 or a little higher in the second half of august.