SPY is currently in between a bullish (blue) and bearish (yellow) channels. It already tested the upper line of the yellow channel this week and held. If SPY closes inside the yellow channel, it could very well move down to the middle line of the yellow channel or around $430. Beyond that, downside risk to the lower channel line.
If on the other hand, SPY manages to close inside the blue channel, it would take out the daily 20/50 EMAs and may enter a period of uptrend.
SPY could make a decision of which way it wants to go in coming days.
If on the other hand, SPY manages to close inside the blue channel, it would take out the daily 20/50 EMAs and may enter a period of uptrend.
SPY could make a decision of which way it wants to go in coming days.