SPY Chart – March 31, 2009
I charted SPY at 3:00 pm on March 31, 2009. SPY is one of the largest S&P 500 Index ETFs. I typically trade SSO (double SPY price action), but chart SPY for a better view of the market’s direction.
- All trend lines point down
- The most recent short up trending line broke yesterday and didn’t recover today (at least not by 3:00) enough to get above it again
- SPY is trading just below the trend line of lower highs
- SPY is still trading below its 10 day moving average, but just above its 20 day moving average
- SPY’s 50 day moving average could offer support, but hasn’t done much for support or resistance recently
- Williams %R broke below overbought yesterday and is still down – this is very bearish
Opinion = The path of least resistance is going to remain lower until SPY can break out of the current trading channel.
I'll take requests for stocks and ETFs to chart too. You can reach me at alex [AT] chart-analysis.com. DISCLAIMER: Charts found on these pages are my opinions and I take no responsibility for any losses you may incur if you agree with my charts. Although I am a Registered Investment Advisor Representative, the content contained on this site is not personal advise. Consult your own financial advisor or do your own research before trading or investing in any of these securities.
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