SPY has been in a well defined uptrend for the past 6 years. The week of 10/13/14 the long term uptrend was tested (see red ascending trend line on the weekly chart) and it found support. The support that it found came on the heaviest weekly volume in 3 years and the SPY closed near the top of it's weekly price range.
For the time being, the blue ascending trend line which was once support is now acting as a level of resistance.
The existing up trend will remain in tact until the red uptrend line is violated in a significant (by %) and sustained (multiple weeks) way...
For the time being, the blue ascending trend line which was once support is now acting as a level of resistance.
The existing up trend will remain in tact until the red uptrend line is violated in a significant (by %) and sustained (multiple weeks) way...