Updated chart at the bottom:Most recently, the SPY has bounced twice from $105, and it's a very long-standing Support/Resistance level.
The more we test $105 and the weaker the bounces get can result in things getting very messy sub-$105.
The first bounce saw relative support at each Fib. level between the "flash crash" low and it's bounce pivot, particularly that of the 61.8%-78.6% retracement levels.
The recent bounce and tomorrow we'll see what kind of support we get out of the 50% retracement level. We should be able to gauge buying interest soon in terms of whether we'll see a lower low.
Waiting to gauge a reaction off of $107
updated chart after today's session:
got sold off of the Upper Median Line only to come rallying back strong.
Perhaps a bounce higher could bring price back to $140 given a strong market headwind or, at least the midline of $135.
The more we test $105 and the weaker the bounces get can result in things getting very messy sub-$105.
The first bounce saw relative support at each Fib. level between the "flash crash" low and it's bounce pivot, particularly that of the 61.8%-78.6% retracement levels.
The recent bounce and tomorrow we'll see what kind of support we get out of the 50% retracement level. We should be able to gauge buying interest soon in terms of whether we'll see a lower low.
Waiting to gauge a reaction off of $107
and zoom in a little closer
Perhaps it could bounce from here after hitting lows last week not seen since March '08. However, this stock has been under the thumb of the 200-MA for nearly two years now, and while bounces out of the $64-range have been common, they're not drawing as much buying as they once did. It will be interesting to watch what develops.
There's a lot of bounce potential out there; take a look into GS and FCX:
