S&P 500 IndexShort
SPY Recovering?
Futures prices show a better picture of how we have an ascending wedge at this Breakout level. Bullish Breakouts need to be impulsive. If not they are a trap. My last analysis had two areas I was watching for a bounce, 275 and 270. 275 held as we passed through it initially but it regained strength and held and bounced. Now that we have bounced many people would be looking for this move to continue higher. I believe it to be a bull trap and already likely at max upside .. .yes that quickly. Where is the next support? who knows. I am still keeping 270 on the board but now that we already got a bounce I am leaning toward the 264 Major Support for the next small bounce in this dying market.
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