SPY Possible next movesOrange Line - Trendline since November 2024
Blue Line - Trendline from 2020
SMA - Red (200) as a moving floor
SMA - Yellow (100) as a moving floor
1st Strong Floor - Resistance range 562 - 555
2nd Strong Floor - Resistance range 518 - 511
Downtrend Channel between blue lines
If the downtrend channel is broken with strength and volume, we could experience a retracement to the 584 - 595 range and then wait. However, if it is not broken and the strong downtrend continues, breaking the first floor range (wait for candlestick confirmation with bearish volume) and/or experiencing a false breakout (breakout without volume to the upside), we could expect a drop to the second floor range. It is important to wait for confirmations and execute the corresponding trades accordingly.
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