Looks like SPY breaks the support and will fall to 393 and will test its previous year long resistance flipped support line.
Its seats in megaphone pattern, which should be bullish, but....
Its seats in megaphone pattern, which should be bullish, but....
Note
Note
I played the bounce, out at 396.40 (double top) fib.38 from yesterdays high. I expect double test at 393.70 then lets seeNote
I am reverting to my older chart where SPY felt out of uptrend channel and re tested support (previous resistance) I think it will be a new downtrend channel .
I will stay on the side to see if its really that.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.