SPY Pushing Resistance - Market Analysis for Mar 5th, 2018

The final hour of trading, and SPY has pushed into a key resistance zone between 272.20 and 273.60, which must contain the strength off of Friday's low at 264.42 to avert upside continuation that points to 277.40 to 278.80 thereafter.

Right now, I am viewing the strength off of Friday's low at 264.82 as a recovery within the nearest term downleg from the 278.92 high on 2/27/18 to Friday's low at 264.82. Only a sustained climb above 272.20-273.60 will argue for additional strength that has the potential to retrace all of the 2/27 to 3/02 decline... Last in SPY is 272.29/30

3 05 18 SPY 4 hr 3 PM GIF
3 05 18 SPY 4 hr 3 PM GIF

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