SPY Levitates Right Near All-Time High Despite Yellen's Implication About Higher Rates

Mike Paulenoff MPtrader

SPDR S&P 500 ETF (SPY) remains perched just below its all-time high of 233.07 established yesterday, Feb 13, but also up against its intermediate-term upper-channel boundary line, which usually puts a lid on upside continuation-- in the absence of a new, bullish market catalyst.

Let's also notice that SPY is hugging its upper Trading Band as well, which usually stalls the rising price structure as well.

Bottom Line: without a bullish event or announcement, SPY technically is vulnerable to a pullback into the 230-229.70 first support zone.

Author

Mike Paulenoff

MPtrader

Michael Paulenoff has been a student of and a participant in the world financial markets for the past 26 years, since his graduation from the Georgetown University School of Foreign Service in 1979.

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