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Key Support And Resistance Levels On The SPY

The SPDR S&P 500 ETF (NYSE:SPY) is hovering flat to slightly negative on the day. When the markets opened, they gapped substantially lower.  This was quickly negative by a massive squeeze on some positive economic news and Friday manipulation action.  The below chart shows the key support the SPY is currently hammering against.  Note that level was the last confirmed break point on the move up.  That is exactly why it is holding up so well.  Having said that, the more it hammers on the $110.10 level, the more likely it breaks.  Light volume is taking over on this Friday.  I expect a general flat day on the markets

Gareth Soloway
Chief Market Strategist