SPY Eyeing Key Resistance

SPY is approaching confluent downtrend resistance at 402.90-403.92 - a region defined by the 61.8% extension of the monthly advance, the March high-day close and the 61.8% retracement of the yearly range . Look for a larger reaction there IF reached.

Key support now rests with the 200-day moving average / March 22 outside reversal close at 392 (near-term bullish invalidation)

A topside breach from here would expose 411.

Michael Boutros, Sr Technical Strategist with FOREX.com
Follow Michael on MBForex
MBForex