Spy Charts 6/21 Get Short

Today just like a truck hitting brick wall the SPY slammed into resistance and the result was a very nasty sell-off.  This round of selling was mostly due to weak manufacturing and jobs picture here in the U.S. 

Spain yields are continuing to climb as the EU needs to sure up the banks in Spain by recapitalizing them with upward of 78 billion euros. Even though Greece made it through the election they still have obligations that the must meet to continue to trances of debt relief, but all that does is provide temporary relief for a dying patient.

After the rise we have seen over the last few weeks we are due for a pull back and its always convenient that investor and trader moods fit the chart.


The SPY is holding at $136 it looks like we should see for the next week or so selling inot $130.  SPY could rally into the July 4th weekend as most holiday weekends have the last few summers and that also leads into earning season that starts July 10th.

The price target on the SPY is between $130 and $126.50. 




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Disclaimer: This article is intended to be informative and does not constitute a buy, hold, or sell recommendation., and should not be construed as personalized advice as it does not take into account your specific situation or objectives