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realchartchamp

S&P500: Key Support Level for SPY Bulls to Defend

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SPDR S&P 500 ETF TRUST (BATS:SPY)  
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BATS:SPY   SPDR S&P 500 ETF TRUST
Trend Analysis Chart Patterns Technical Indicators SPDR S&P 500 ETF (SPY) spy500 spylong spyanalysis spyforcast spysignals spycalls spyidea spyindex
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trendanalysis chartpattern indicator spy spy500 spylong spyanalysis spyforcast spysignals spycalls spyidea spyindex
The S&P 500 been gradually breaking downwards since peaking in July. SPY has reached the bottom of this red parallel channel last week. This is a key support level that has been providing strong support, and I think SPY bulls need to defend this price level this week. The RSI is oversold so the conditions are good for a rebound here.
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