Still Range Bound

12/18/2008 10:19 am EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

chart

The failure of the SPY to close above the building resistance at $92 is a short-term negative. This level needs to be overcome to signal a rally to the important resistance at $100. A pullback to the support at $85-$87 is possible, and a close below $85 would signal a test of key support at $82.

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