S&P 500 ETF (SPY) Flashing Bearish Signals
October 26th, 2009For over a week, the SPY has been flashing bearish omens as its rate of change and stochastic indicators headed south (see chart below). Today the exchange traded fund proxy for the S&P 500 broke through the support of its 20 day moving average. If it fails to recoup this important territory, look for it to decline further and test support at the 1040 and 1020 levels.
SPY Daily Chart as of 10-26-2009
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