ETF Mid Week Update

SPYY

$SPY broke out of channel, will test 50ema support here, needs to hold or we will pull back more. I expect a bounce off the support

USO

$USO pulling back to 11.07 support, I think it will hold and then push up and test the weekly 50ema level at 11.35 in the short term.

GDX
$GDX broke out of weekly dt and confirming currently. Looks like 200sma will be tested fairly soon to the upside.

ibb
$IBB looking bearish but sitting on support, we should pull back and test the up trend here until its able to break that small downtrend, I believe it will hold.

Advertisements

Author: spartantradinginc

Technical/PR Day and swing trader. Equities, Options, ETF's and Indexes. Focus on high R/R setups.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s