will $SPY bounce or dip?
SPY formed inside candles (harami) last two candle and it failed to rally/bounce from it, now testing 50MA. recent pattern completed tower top but did not sell off with high velocity yet. looking at weekly and monthly SPY is overextended/overbought and needs breather. there is rising window gap resistance in daily from 7/22 which was tested on 8/19, market could possibly rest breather after eating stop losses to bounce from here 435.72. lots of investor holding winner - yearly PoC 416.33, keep an eye on safety net 100 and 200 MAs.daily close < 435.72 could be real dent
daily close and/or price > 435.72 is healthy market
GL!
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.