Monday June 18th, 2018 by Mike Paulenoff SPY-- weakness in the pre-open hours held key support around its rising 20 DMA (275.06) and its May-June up trendline now in the vicinity of 275.00, from where price turned up, and closed right near the high of the session at 276.58. In the past week, SPY peaked at its upper BBnd line near 279.50 at the time, and then rolled over into a decline that so far has been contained at the mid-point of the BBnd width-- the 20 DMA, which is classic technical behavior amid a bullish BBnd set up... i.e., a ricochet from the Upper BBnd Line to the rising 20 DMA, followed by an upside reversal that returns to challenge the Upper BBnd at higher levels. As long as the 20 DMA remains intact as key support on a closing basis (275.07), we have to give the benefit of the doubt to more upside ahead. Have a great evening everyone. MJPMike Paulenoff is author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial! * I really like Mike's charts and analysis. This is shared with my readers here via MPtrader.com *Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. Follow us and check back occasionally for additional articles or comments.