The Spider Small-Cap 600 ETF (SLY) tested a low of $74.55 with support at $74.50-$74 holding. A prior trading range between $74-$75 lasted throughout July with the lows tapping $73.65 and $73.68 on back-to-back sessions to end the month.
A close below $73.75 and the 50-day moving average would likely lead to additional weakness towards $73 and shaky early July support.
Friday’s early morning peak reached $75.49. This level was tapped twice previously following the 52-week and all-time high of $75.55 in late July. Continued closes above $75.50 would be a bullish development for a run towards $77-$77.50.
RSI is back in a slight downtrend with support at 55-50. A close below the latter would be a bearish development for lower lows. Resistance is at 60-65 with the latter representing the early July top.