A head & shoulders is playing out on 4H charts. Price recently failed to hold support at $456; it is currently retesting this level, but will likely reject it and continue lower. Look to enter if SPY closes the day below $456. The first price target to secure profits is around $449 which may provide strong support. If this level fails to hold, we could see quite some downside as the market experiences a notable correction. Place the stop loss at $460; maybe even $457 if you aren't willing to take much risk. FOMC is coming up next week; a rate hike announcement could further pull the market down.
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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.