A Bounce In The Cards?

The last few months have seen the market bounce off the $SPY $184 level. I have covered this level numerous times on my market videos. At some point I think this level will get tested again....  however, I think right now we are poised for a strong bounce higher off this level.

Today we continued the weakness that Friday brought.    $SPY briefly fell through the $184 level before recovering into the close.  The test of $184 brought out the buyers.


Let's look from a longer term perspective. Again $184 was the support, we held, and short term we should move to the upper range of the current channel.



The move higher will relieve oversold positions.

Known to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

More Posts by UPB: View All | Private Twitter Feed: Access Now! (For Diamond Members)

Leave a Reply