$SPY I'm neutral on direction of market from here. As you can see the spy has formed a Megaphone Pattern on the daily. The blue line is monthly support dating back to march of 2009. The red line is weekly resistance dating back to Dec of 2015. I do believe we stay with in those lines, as I doubt we cross below the Blue line again. That was a fake out of the monthly. Being as close as we are to the 200ma my biggest bet is we make a turn down sometime soon to go meet the 50ma. That I believe will happen before we trade above the 200ma again. At worst we got to blueline one more time, At best we hover within the 200 and 50ma's .
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