SPY Charts 5/7 Probing for Support

This morning the SPY future were down 15 points, and it was looking like today was going to be another day to downside with bears in control.   However the day swung pretty wildly from $136.50 to $137.50.  So right now the SPY chart is probing for a support level.  $136 is our 1 month support level and is holding so far any break of $136 would show that there is a downside to $134.  So early this week will establish if the $136 is going to hold.



If we see a bounce this week we will see range bound trading most likely for the next two weeks.  If you are going to enter positions make them short term with low risk set ups.


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Disclaimer: This article is intended to be informative and should not be construed as personalized advice as it does not take into account your specific situation or objectives.