SPY: Support Becomes Resistance (Macro)
SPY has reached the .618 Fib retrace level and we are definitely at a crossroads. If price break through
this level and flips resistance into support, then the macro measured move on the monthly, puts price in
the 700s. If resistance holds then we have a measured move to the $330 level, before hypothetically
resuming this trend. If resistance holds and we resume our downtrend over the next few months than it is
hard to say how things will play out from there. The upward channel could be considered broken and we
form a new trend going forward. Although, another measured move down to the $330 level does seem
to form a macro bullfrog on the SPY which is bullish.
Given the warnings that the macro data has been flashing as far as manufacturing and china and consumer
credit card debt and drop in savings accounts, etc. It is very likely resistance will hold and we continue
downward temporarily from here. It is honestly a best case scenario because equities are fairly expensive right now.
this level and flips resistance into support, then the macro measured move on the monthly, puts price in
the 700s. If resistance holds then we have a measured move to the $330 level, before hypothetically
resuming this trend. If resistance holds and we resume our downtrend over the next few months than it is
hard to say how things will play out from there. The upward channel could be considered broken and we
form a new trend going forward. Although, another measured move down to the $330 level does seem
to form a macro bullfrog on the SPY which is bullish.
Given the warnings that the macro data has been flashing as far as manufacturing and china and consumer
credit card debt and drop in savings accounts, etc. It is very likely resistance will hold and we continue
downward temporarily from here. It is honestly a best case scenario because equities are fairly expensive right now.
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