S&P 500 Index (SPY) Trend Status Neutral
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Kevin Lane, CIO of Fusion analytics, observes:
“As seen in the chart above the S&P 500 tested support and bounced from the 1,330 area (lower green line) for the second time in the last six days.
Yesterday’s low also coincides with a rising uptrend line (orange line). That said we believe this is now the critical line that separates a continued extension of the current rally and the start of a spring correction. If this level is violated the trade will turn down for a while and it would be a time to keep the defense on the field for a while and the offense got a breather. For the trade to turn a bit more bullish the S&P would have to get back above the minor downtrend (purple line) near 1,350.”
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