$SPY Technicals, Point & Figure Chart and Resistance Levels + Targets

This week has been a great week for $SPY with Goldman Sachs and Intel coming out with decent earnings. $SPY rallied off of it's 200 day moving average and broke through the 50 day today. The head and shoulders trade was very crowded imho, however $SPY still needs to break above 96 resistance, or the head, to prove itself. The P&F chart has a target of 80 however if $SPY breaks above 94 it would print a new X and be bullish for the ETF. If $SPY breaks above 96 it would be pricing in some potent green shoots and allow a clear path to $100. We'll see how the market reacts to the CIT news tomorrow. The e-mini S&P is down 0.58% tonight. QQQQ (tech) has been dominating the tape technically and the Qs could lead us out of this great recession (w/ jobs replaced by robots).

$SPY 6 Month Chart (Stockcharts.com)


$SPY P&F Chart (Stockcharts.com)