S&P500 BREAKOUT|STRUCUTRE ANALYSIS|DOUBLE TOP AHEAD?
Updated
SPY is trading in an uptrend supported by the FED's "unlimited" liquidity pledge, that manifests itself in the two diagonal support lines.
Both remain intact. As of today we are witnessing what seems to be a breakout of a minor horizontal resistance.
IF the breakout is confirmed, read if the daily candle closes above the level, that would be a strong signal of a bullish continuation.
The target is then the previous market high, where the double top pattern might emerge, as it is certainly the level at which many market participants will start to take profit on their longs, while others might consider opening short positions.
Anyway, DO NOT short or sell SPY before both support lines get broken.
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