$SPY WEEKLY CLOSE
The week closed on a positive note. Support in the $430 area has held up nicely. 25 Week SMA looks to be a new resistance area. As long as $430 area maintains support the chart suggests consolidation over further downside. A weekly close over the 25 Week SMA would be constructive. Volume is encouraging the last two weeks as well. Buyers stepped in when they had too. New longs that are at or above major support after all this volatility may look attractive here. Thoughts?
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