A Look at SPY Technical Levels

Daily

The market went from yesterday’s highs of $169.07 to this morning’s lows of $163.49. So far we’ve bounced to the 25% Fibonacci retracement of that move.

Here are the Fibonacci levels to watch:

38.2% at $165.90

50% at $166.50

61.8% at $167.11

Measure the potency of the down move by using retracement levels of this bounce.

SPDR S&P 500 ETF Trust (NYSEARCA:SPY)

(click to enlarge)

5-min

So far we’ve had a 25%ish retracement bounce from yesterday’s high of $169.07 down to today’s low of $163.94. Bears will need to defend some of the higher retracement levels to have hopes of lower prices. Below there are listed. You can judge the potency of a move by the type of retracement with the next few sessions.

(click to enlarge)

About Scott Redler 367 Articles

Scott Redler is the Chief Strategic Officer of T3 Live. He develops all trading strategies for the service and acts as the face of T3 Live. Mr. Redler focuses on thorough preparation and discipline as a trader.

Mr. Redler has been trading equities for more than 10 years and has more recently received widespread recognition from the financial community for his insightful, pragmatic approach. He began his career as a broker and venture capitalist where he was able to facilitate relationships that led him into trading. Beginning his trading career at Broadway Trading in 1999, Mr. Redler moved on with Marc Sperling to Sperling Enterprises, LLC after establishing himself as one of the best young traders in the firm. As a manager at Sperling Enterprises, continued to trade actively while working closely with all traders in the firm to dramatically increase performance.

Mr. Redler has participated in more than 30 triathlons and one IronMan, exhibiting a work ethic that also defines his trading. His vast knowledge and meticulous attention to detail has led to regular appearances on CNBC, Fox Business, Bloomberg, and he is a regular contributor to Minyanville and Forbes’ Intelligent Investing blog. He has been quoted in the Wall Street Journal and Investor's Business Daily, among other publications.

Scott received a B.B.A. in Marketing/Finance from the State University of New York at Albany, graduating Magna Cum Laude from Albany's School of Business.

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