SPY fights back!
Welcome back traders! Here we are once again on the 1 hour SPY chart and looks like the spyders are fighting for their own! It just completely broke expectations and shot up and through the smaller triangle after multiple bounces at the bottom. However, it is once again struggling at my blue box that I had previously set up as an area of resistance last week. One thing I did notice was that the MACD had created an ascending triangle there and could've hinted us at this break. I'll keep a close eye as to how it reacts to the box being that it's still trapped inside. ALSO, don't forget we ARE still in a larger descending triangle, so I wouldn't take this as 100% bullish...YET. As always good luck & safe trading, till the next one!
Related publications
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.