SPY rebounded strongly off last Friday’s 206.87 low (August 7, 2015) to test 3-week triangle resistance (as shown on the daily chart). A clean breakout would extend the bullish momentum through 211.45 to open the 213.18/213.34/213.78 key range ceiling area. However, a downside reversal below 206.87 (near the 200 day moving average) would negate the bullish scenario and weaken towards 206.26. Below would focus the 204.11 key 7-month range support.
Outlook:
Short term: neutral
Long term: bullish
Outlook:
Short term: neutral
Long term: bullish