S&P 500 at Strong Resistance, Short Trade Setup for SPXS

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SPDR S&P 500 ETF TRUST (BATS:SPY)

BATS:SPY SPDR S&P 500 ETF TRUST

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SPY is trading at a key resistance level, the white resistance line that has consistently provided strong rejections for the S&P 500. I am taking a short trade setup by going long on SPXS.

Price targets:
- Red support zone between $469 and $477
- Red trendline around $433 (price increases over time since the trendline is sloped upwards).

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