Major Support At SPY $240 - Use That As Your Guide

One Option Trading Blog http://ift.tt/2ttpIDl Posted 9:20 AM - Yesterday we saw a heavy wave of selling. Profit-taking in tech stocks spilled over to the S&P 500. QQQ breached key technical support levels and we can expect more weakness. Support at QQQ $139.50 failed easily and major horizontal support at $138 also failed. The next support level is $136 and then the 100-day MA at $134.80. The S&P 500 has major technical support at $240. That is the 50-day moving average and it is the breakout from May. It touched that support briefly and the market bounced. SPY resistance is at $242 and $243. This morning …