$SPY Could Drop To $396
The S&P 500 has slowed down in its growth and needs a correction soon. On this daily chart, you can see a rounding top forming near an important resistance line. In addition to that, the RSI has formed a bearish divergence pattern. We are also still in a major earnings season. I have added a fibonacci retracement to the chart to show that that 50% retracement at $396 has been an important level in the past. This price level could potentially act as support in the near future. Comment your thoughts :) Good Luck!
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