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TFC Commodity Trading Forum

S&P/ Key Reversal Bar *PIC*

The tradable S&P 500 ETF:SPY made a Key Reversal Bar today which is a bearish sign especially when at resistance. The 142.20 price point is a significant one when above or below looking at the chart and has served as resistance for the 3rd day in a row. And that is also the Fib 61.8% retracment point of the Sept to Nov selloff. Just like the Nov low was also a Fib 61.8% retracment point of the June to Sept rally. Technicals are also rolling over. Definitely not a bullish sign for sure. All that is needed now is some bearish news to do what the chart is suggesting. Or a DX rally or both. Price would need to clear AND hold above 142.20 to suggest strength.. Until then the chart is bearish. Lots of hard work ahead for SPY as there is lots of overhead resistance above regardless. Wonder where Santa Claus is................ He's going to need a lot of help this time around.