chart: SPY monthly

Courtesy of eSignal

The current month's price bar is up against a trend line that was support since 2011.  This trend line has been touched several times and it has held the trend and has become a meaningful support line.  Support trend lines turn into resistance trend lines.  It will be very interesting to see if the trend line becomes major resistance now that trading is below it.  The loss of momentum in the bottom window and the long term sell signal in the middle window indicate the "possibility" of continued weakness. 

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This has been posted for Educational Purposes Only.   Do your own work and consult with Professionals before making any investment decisions.  
Past performance is not indicative of future results