$SPY S&P Oversold - Testing Support

10 באוק׳ 2018

SPY - S&P entering oversold territory, testing lower trend line support of the bullish channel we've been in since March. A close below $283 today could be indicative of further downside in the near term, next major support level looks like $280 then the 200d ema line around $276.

With some major companies reporting earnings later this month, I am expecting $283 support to hold today and a bounce in the near term. A close above $283 will be key. Targeting $292 by Halloween.




Note: Informational analysis, not investment advice.