$SPY Threatening 1-Month Support

• John Lee
• July 30th, 2010

Currently, we are sitting right above 109. This is a major 1-month level we saw multiple bounces here this entire month. As the month ends today, I am curious to see if we once again hold. If we breach with additional selling acceleration, then we’re looking at the July 22nd opening gap as a last stand before threatening the gap itself. If we recover, we see initial resistance at yesterday’s low (109.41), then the upper range of the consolidation zone (110), and yesterdays’ close (110.29).

The chart is greater than my usual 620 size, so you’ll have to click once, then click again to zoom in.

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