It feels like a lot of investors have been holding their breath over the past couple of days, as the market indexes have stalled at key resistance.
The SPDR S&P 500 ETF (SPY) is right back up to the $113 level which has been an impenetrable brick wall of resistance for the past few months. We have not been above $113 and change since May 24th, when the world economy slipped on some Greece and couldn’t get back up… I’m sorry, I had to.
That’s history and everyone’s heard about it relentlessly for awhile now. So here’s what I see moving forward:
The technicals are looking weak on the short term. The medium term looks range-bound until the markets decide otherwise. I am biased to the downside on the longer-term, which is for about another 12 months or so.
Right now I will cover only technicals on the short-term as the range-bound action will… Written by Jordi Perez. Go to www.MarketSpaceTrading.com for the full article, live charts and more newsletter updates.
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