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SPY Threatening Key 207 Support Level

SPY (S&P 500 tracking etf) needs to break below the 207 level (horizontal + channel support) to join the QQQ on its recent breakdown. If so, the 197 area would be my minimum preferred near-term target at this time. 60-minute chart:

SPY 60-minute April 28th

SPY 60-minute April 28th

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Apr 28, 2016 3:48pm|Categories: Equity Market Analysis|Tags: , |3 Comments

3 Comments

  1. GetItRiight April 28, 2016 4:07 pm at 4:07 pm

    I am expecting a gap down tomorrow to bypass this 207 area, with a backfill shortly after, followed by the same action as today on the Qs.

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    • rsotc April 28, 2016 4:42 pm at 4:42 pm

      I’d welcome that scenario.

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  2. dan123 April 28, 2016 4:54 pm at 4:54 pm

    Thank you Randy

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