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SPY Update, Near-term Price Targets

So far that bullish rising wedge on the SPY has played out as expected, with prices going on to break down below the pattern shorted after Wednesday's post, making a very minor & relatively swift backtest before moving lower.  While each horizontal line is a support level which could act as a price target to book partial or full profits, my preferred near-term target at this time is the 202.10 level.

Note: For day traders & active swing traders, in the new Trading Room (forum), I've posted a few 5 & 10-minute charts on the QQQ recently with entries & price targets for quick trades using leveraged instruments such as NQ (Nasdaq 100 emini futures) or SQQQ (3x leverage short ETF) & I'd welcome other active traders to share trade opportunities there as well. The front page of the site is reserved primary for market analysis, typical swing & trend trade ideas and longer-term investment opportunities.

SPY 60 minute Nov 6th

SPY 60 minute Nov 6th

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Nov 6, 2015 10:19am|Categories: Equity Market Analysis|Tags: , |1 Comment

One Comment

  1. riverbirch November 6, 2015 10:57 am at 10:57 am

    Randy, Is your reference to “near term” are you expecting the SPY 202 target to be reached in 2 weeks?

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