Taking a Quick Look at the SP500

Written by MrStockFox. Posted in Trade Ideas

The 204 area on the SPY is likely to be significant resistance for the next several months.  That area will be heavily shorted and sold into. We are likely to get a retest of the lows going into October.  If we continue to rally into 204, I plan to lessen my purchases and wait for lower prices.  The area between 204 and 210 is no mans land. Unless the price gets above 210, you can expect that this area will continue to be overhead resistance for the foreseeable short term future.

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