TECHNICALS - SPY

Here we go again. Last afternoon the SPY closed at 130.56, the Pivot Point Resistance level for the day. If one looks at the chart, one can see that the SPY never goes higher or lower, it just oscillates between the 129.3 and 131 areas. It has been in this tight range since March 17 (13 trading sessions) and I expect it to continue into next week when earnings season hits.

Buying near support and selling near resistance has been a money trade since this trading range began. Todays Pivot Point is 130.2, Support is 129.7 and Resistance is not surprisingly at the 131 area.