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S&P 500 Market Analysis 12/18/09

The SPY gapped down through the 111.00 level and then closed below the 110.20-110.50 level which has been acting as the mid point support/resistance in this range of the last 6 weeks. It now appears that a test of the lower end of the range at 109 is likely as the important financial sector (XLF) broke important support at 14.20 on Thursday, it is difficult to imagine a recovery of SPY without support from financials. Friday is options expiration day and while it has typically meant smaller ranges, it seems like we should be prepared for a more volatile environment.


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  • Brian Shannon

    Brian Shannon is a full time trader (with 17 years of experience), educator and author of the highly regarded book Technical Analysis Using Multiple... More »

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