Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Thursday's Weakness Inflicted Significant Damage to SPY P&F Chart


Yesterday's plunge in the SPDR S&P 500 (SPY) violated important support that resided from 199.40 to 198.40, which also locked-in all of the distributive price action between 201.80 and 198.40 as a significant P&F Top Formation.

Based on the P&F pattern, SPY has a downside swing target of 194.00 off of the top.

Any recovery strength should hit a wall of resistance above 198.20, and only a print of 199.40 will neutralize the current negative near-term outlook.

  • 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!