trading date: January 25, 2016 –
The SPY tried to push higher in yesterday’s session through a breakout after a long period in which it was in a tight range.
We have decent earnings and the prospect for optimistic guidance. Lower corporate taxes and reduced business regulation will provide a healthy backdrop for profits.
Resistance will lie at yesterday’s high at $228.08, followed by $228.23.
Support will lie at yesterday’s low at $226.27, followed by $225.97 and then $225.48.