SPY 195.66 – neutral – Forms a 2-week triangle
SPY has been consolidating within a 2-week triangle since the sharp fall to 182.40 (August 24, 2015). An upside break above the 199.47/199.84 resistance zone (September 9/August 28, 2015 highs) would confirm a bullish triangle breakout and prime bulls for further retracement towards 204.11 (July 7, 2015 range low) near the 4-year rising channel support (from October 2011 low), now resistance which may cap the extended bounce. However, a downside push below 193.86 near the triangle support would suggest scope remains for further weakness towards 191.61/190.73 (September 4/1, 2015 lows).
Outlook:
Intraday: neutral
Daily: neutral
Weekly: neutral
SPY has been consolidating within a 2-week triangle since the sharp fall to 182.40 (August 24, 2015). An upside break above the 199.47/199.84 resistance zone (September 9/August 28, 2015 highs) would confirm a bullish triangle breakout and prime bulls for further retracement towards 204.11 (July 7, 2015 range low) near the 4-year rising channel support (from October 2011 low), now resistance which may cap the extended bounce. However, a downside push below 193.86 near the triangle support would suggest scope remains for further weakness towards 191.61/190.73 (September 4/1, 2015 lows).
Outlook:
Intraday: neutral
Daily: neutral
Weekly: neutral