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SharePlanner (< 20)

SPY Breaking Major Long-Term Support

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3

October 08, 2013 – Comments (2) | RELATED TICKERS: SPY

Listen, I'm not some doomsdayer, or person who tries to call the tops in the market. I take what the market gives me and as a result I have been long on this market for well over a year now, and hardly ever find a reason to short it. 

But today is a bit of a game changer.

We break the 50-day moving average yesterday with the follow through today. 

Then we break the long-term uptrend off of the November lows. 

Which also coincides with a bearish wedge that has formed over the past few months. 

So there is a lot to be bearish about - see for yourself:

Here's the bearish technicals of the SPY:

2 Comments – Post Your Own

#1) On October 09, 2013 at 12:01 PM, chrisjen17 (46.09) wrote:

I wouldnt say you are looking at the long term uptrend by only measuring the past 12 months.

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#2) On October 09, 2013 at 1:07 PM, SharePlanner (< 20) wrote:

I consider 12 months to be long-term especially considering how much can change in a given day with this market. BUt you are entitled to a different opinion. 

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