trading plan for spy: retest of market high and rising channel
Updated
hey traders,
analyzing spy on a daily, we see that the market is approaching a significant level of resistance.
from February the market is also trading inside a rising channel, and now the market is approaching a channel resistance.
on 1 hour chart we also see a small rising channel - we can use a bearish breakout of it as a confirmation,
and sell the market when the market closes below this channel's support.
we should be very careful going against the trend,
so let's wait for bear signs before we go!
good luck!
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