No wonder the S&P 500 ETF (SPY) cannot make up its mind on direction. The ETF broke key support in mid May and the 50-day moving average turned lower. Combined with Monday's high, these no mark the rock or resistance zone. The support zone, or hard place, is marked by the 200-day moving average, June low and last week's gap.
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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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