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.

Will the SPY Hurdle and Sustain Above 179.00?


So far, this morning’s action does not give me increasing confidence that the key-support zone between 178.80 and 178.00 will be able to contain developing weakness.

To begin to do that, the SPDR S&P 500 (SPY) must hurdle and sustain above 179.00. Otherwise, all of the action today is little more than churning near the low of the move ahead of the resumption of dominant near-term selling pressure that should revisit the Nov 20 low at 177.98.

A sustained break of the Nov 20 low has the potential to press the SPY to 176.00-175.00 very quickly.

  • 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!