Assets charted: S&P 500 SPDR (SPY)
DomiStock drew an amazing support trendline on the weekly chart of SPY that connects December’s lows to those of last week. The trendline is at 232 while the price stands at 235. If you pay closer attention you will see that a resistance trendline has been drawn as well forming an early symmetrical triangle. Symmetrical triangles are considered continuation patterns in traditional technical analysis and under that scope this patterns indicates a consolidation of the price action before we witness an upward breakout. Still, I consider the support trendline as the most important one and I expect to be tested in the near future and most probably absorb any downward pressure. This is trendline you should definitely follow.
