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SPY P&F Chart Shows Strong Resistance at 188.00-188.75


From a P&F perspective, the SPDR S&P 500 (SPY) remains in the grip of a strong up-column of blue X's that started yesterday in the 186.25.

It has now climbed to 188.00, which we notice as hurdled the near-term resistance line, but has not (yet?) taken out the prior high-print of 188.00.

The SPY must print 188.25 to "break out" to the upside based on my near-term P&F chart.

That said, a print of 187.25 will start a new down-column of red O's, which will alert us that the current 1-way upmove in the SPY has become a 2-way trade.

Barring a 187.25 print, a climb to a 188.25 print should trigger upside continuation that tests 188.50/75, on the way to new highs, projected into the 192.00/50 target zone.

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