$SPY still trading within ascending channel
I was thinking last night that if SPY would open below $370, it would have would broken from trading inside the channel and start a possible downtrend.
The bounce at the bottom the trendline held, but unless it breaks above $382 within the next week, I think bulls will start taking profits and look for a dip before continuing buying. Market has been strong, propped up as it may seem, but I can see the momentum changing to bearish once it breaks below $370.
The bounce at the bottom the trendline held, but unless it breaks above $382 within the next week, I think bulls will start taking profits and look for a dip before continuing buying. Market has been strong, propped up as it may seem, but I can see the momentum changing to bearish once it breaks below $370.
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