Both on weekly and monthly chart SPY reached a couple of pitchfork lines (in both cases a bottom one and a middle one) and is likely to bounce back up.
Note
SPY reached the next level down, again it's a good chance that it will bounce back up: Note
SPY did move up (to the next pitchfork line) and then fell back to the same line I encircled in my earlier note. See my new related idea for further commentary.
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Disclaimer
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.