One Option Trading Blog https://ift.tt/2FJn7ro Posted 10:00 AM ET - The market is fighting tooth and nail to hang onto major support. The S&P 500 rests just above the 200-day moving average and this support level is being tested with greater frequency. We have also seen a series of lower highs and a descending triangle is forming. That is a bearish technical pattern. If the SPY falls below $261 and it closes below that level for a few days it will set a negative tone for the rest of the summer. The FOMC statement was dovish Wednesday. That should have sparked buying and it did not. …
No comments:
Post a Comment