The Spider Small-Cap 600 ETF (SLY) extended its losing streak to 3-straight sessions after trading to an intraday low of $51.08 while closing back below its 50-day moving average. Near-term and upper support at $51.50-$51 was breached but held. A close below the latter would be an ongoing bearish signal with additional pullback potential towards $50.50-$50.
Lowered resistance is at $52.50-$53 with additional hurdles at $54-$54.50.
RSI remains in a downtrend with upper support at 50-45 holding. A move below the latter would be a bearish signal for additional weakness towards 40-35 and early April levels. Resistance is at 55-60.
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