SPY forecast in H4
SPY consolidates around the support/resistance line at 475 after the Xmas breakout.
The previous pullback in H4, as shown on the chart, drops below the 200 MA line in blue but comes back and creates new highs.
The latest surge was the same and had the same pattern. SPY broke through 475 but ran out of gas, dropped to 475, and closed the 2021 session. In my opinion, 475 and 480 will be the deciding point on the future direction.
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