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On Thursday, February 25, 2016, S&P 500 was finally able to close above the 50-day moving average for the first time this year. SPY gained 1.61% for the week.
On Friday, SPY attempted to push higher, but ran into a resistance and closed near the lows for the session. For now the resistance in the $197 area was reaffirmed. Further up in the $203 area is a large unfilled gap-down. Together with the declining 200-day moving average that area should now act as strong resistance. This is all provided if SPY even gets to that area. Read the rest of this post here |
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