From The Right Edge, State of The Markets

SPY Update As of 1 May 2015 Close

SPY D as of 1 May 2015 Close

The US equity markets adopted a bend but don’t break mentality this week by swooning on Thursday before recovering a substantial portion of the losses on Friday.  As evidenced on the Daily SPY chart above price held the rising trendline on Thursday and, depending on your approach, put in a nice Daily Buy Signal on Friday.

Going forward, watch Friday’s low down to around $207.00 for Support in the SPY.  If we can hold above that level, look for a fresh assault on the all time highs in the near term.


The Trader

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