10 Fast Facts on the $SPY Chart: 9/20/15

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10 Fast Facts on the $SPY Chart: 9/20/15

10 Fast Facts on the $SPY Chart: 9/20/15

  1. The chart had a lot of mixed signals last week without many actionable signals.
  2. The Fed decision to keep rates unchanged was a sell the news event.
  3. $SPY has settled back into a trading range after failing to breakout on the Fed decision.
  4. Two back-to-back shooting star candlesticks show that higher prices were sold into for two days straight.
  5. Current resistance is $203 and current support is $186.
  6. The ascending triangle chart pattern was broken Friday to the downside, ending the short term reversal from the recent bottom.
  7. The MACD is still bullish.
  8. Thursday and Friday were both down on high volume, which may be a warning for lower lows.
  9. The RSI is bearish at a 45 reading.
  10. The short term path of least resistance is down.

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