Despite Today's Strength, SPY Still Range Bound...

From my BIG Picture SPDR S&P 500 ETF (SPY) P&F chart, we can see that nothing directional is happening (yet), but within the sideways pattern, SPY appears to be traversing its contracting range from low to high, from 211.50 towards a potential test of "pattern resistance" at 215.50-216.50.

A print of 217 is needed to begin to inflict some directional damage to the contracting pattern.

Otherwise, a print of 211 is needed to inflict directional damage to the downside.

  Matched “”
x
Take Advantage Of Our Free
7-Day Trial, $71st Month Offer!
  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!