SPY Tests Highs From Summer And Early November
PikerTrader | Nov 30, 2015 06:58AM ET
The market has chopped around the last few days after running up from our Buy signal 11/13.
N:SPY has rallied over 3.5% since that buy call but has hit some head winds as it test the highs from the summer and early November. Specifically, SPY has hit resistance at 209.70 but has stayed above its breakout levels by staying above 208.90. The question is where does SPY go from here. It is pretty simply, a break above 209.70, SPY easily gets to 211.60. But if SPY cannot stay above 208.90, 206 is easily possible, with 202 very possible. Our indicator is neutral at this point, which points to more chop. Unless the levels above are broken. Historically, December has typically been a bullish month as the Santa rally comes, but the Fed could come and squash any rally attempt.
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