SPY is meeting resistance in the 115 area with a gap down on Monday and some weakness on Thursday. This is not enough to affect the medium-term uptrend. Short-term, the ETF is testing the lower trendline of a rising price channel. Support is marked in the 113-113.5 area. A move below this level would break this week's reaction low and start a short-term downtrend.
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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