Last week’s settlement above 167.30 indicates upward continuation over the next several weeks into the 175.00 – 176.55 region. In fact, a daily settlement early this week above 170.96 allows 175.00-176.55 this week, a range of mid-term resistance able to contain buying through the balance of 2013. Keep in mind last February’s ultra-long term buy signal remains firmly intact, and so a weekly settlement above 176.55 (rising weekly) by some point in October should not come as a great surprise, and if so bullish acceleration through the balance of the year would be expected, 203.80 then considered a viable 3-5 month target. Downside the market reverses below 163.65, a scenario we’re not expecting over the next several weeks – though September is known for its surprises. If so, a weekly settlement below 163.65 indicates 154.77 – 157.99 within several weeks, midterm support likely to absorb selling through the balance of the year. Get the highly specific breakdown in this week’s SPY Report by emailing us at email@example.com. We’ll send it to you at no cost or obligation.
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