Myst_Trader

SPY - New Trading Week Review

AMEX:SPY   SPDR S&P 500 ETF TRUST
Happy new trading week to everyone!

What do we see in the early hours of the Monday morning?

I still want to look at this setup as a flag.

We saw a logical red candle on Friday, which allowed us to move a little bit away from the overbought zone.

What should we expect from the market this week?
At this point, I would pay attention to several markers:
1) The upper channel border.
2) The 385-390 zone, as support for staying bullish .
3) Being above 50EMA as an additional sign of strength.

I am more expecting a pullback to the 385-390 zone, after which we will get stronger to go up and already after that to get above 50EMA.

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