SPY is strongly bullish in front of resistance
Despite the fact that every day we see negative news (oil freez failed) and different comments in articles, the action in market is bullish. That is why I prefer to listen the price, not analysts with their opinion.
So, as we are approaching major resistance area after a long run, I wouldn't be chasing (initiating new positions) here. Better to wait for another "consolidation and break" setup or maybe even reversal setup just to catch tactical pullback.
I will put my levels in front of me, to measure the sentiment. For active traders, the higher it holds the higher is probability of continuation move to the upside. We have $208.60 active support level, then $207 gap support
So, as we are approaching major resistance area after a long run, I wouldn't be chasing (initiating new positions) here. Better to wait for another "consolidation and break" setup or maybe even reversal setup just to catch tactical pullback.
I will put my levels in front of me, to measure the sentiment. For active traders, the higher it holds the higher is probability of continuation move to the upside. We have $208.60 active support level, then $207 gap support
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