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Strategies & Market Trends : John Pitera's Market Laboratory
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To: The Ox who wrote (17157)8/21/2015 10:54:04 AM
From: bruwin2 Recommendations

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John Pitera
mary-ally-smith

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Well, it seems that SPY had a support level at about "204". It has bounced off there about 5 times. The more that happens, the stronger is the support level, and when it goes through there, the more severe will be the end result.
It's now opened and closed below that level on a daily chart. Will the next support level be ~198 ?

I'd say that the more important and relevant support level will be on a Weekly Chart ...



So the weekly chart below shows a break below the support level. But that last week's bar opened above the support. What would be more of a negative occurrence would be if the week's bar opened AND closed below the 204 support level ...

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