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Make no mistake about it, the trend is up in the S&P 500 at this time, due to being above its 100 & 200MA lines and rising support. Something is catching my eye, one day before Halloween.
This has my attention-SPY is testing the underside of an old support line at resistance right now. Sometimes this can become an important situation.
I believe this is price point could be a little more important than usual, due to the potential that a small head & shoulders topping pattern could be in play.
If SPY breaks above the dual resistance it is facing right now, no doubt it would be a positive for the bulls.
If SPY turns south from this price point, it has potential to be a “Spooky” situation for the broad markets.
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