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Marty Chenard

Marty Chenard is an Advanced Stock Market Technical Analyst that has developed his own proprietary analytical tools and stock market models. As a result, he…

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Will the SPY Make It Past This 44 Week Resistance Level?

By Marty Chenard - Feb 06, 2012, 7:57 AM CST

That will be "THE question" within the next 10 trading days.

Specifically, here is the real question: Will the SPY be able to rise above its 2008 to 2012 resistance line seen on its weekly chart?

That chart is shown below, and it is now obvious how close we are. Since each bar represents 1 week on this chart, we are "within" 10 trading days of testing that multi-year resistance. In fact, the odds are very high that this week could be the week that this resistance level is tested.

SPY Index