SPY has been grinding up, bouncing of the weekly trending channel resistance, this and buy the dippers qre making a tight range with slight grind higher scenario making this last as long as it can.
- Red arrows are first session of trading week, they are triggering a sell 7 times out of 9, i think the market is testing for the bears to come out and algos to make the opportunity for a sell, we have seen this creating pullbacks as this one, but still fails to continue deeper than 3-4 $. Point is Monday will eventually do the same, considering this with a very similar pattern (yellow Box) i think the real answer next week will be if SPY manages to stay above 183 in the morning, With bullish action this could mean new highs again, If fails, goes to test the lows and violates the pullback range we might have some more in play, watching DMA50 too.
Have a nice long week and GL
- Red arrows are first session of trading week, they are triggering a sell 7 times out of 9, i think the market is testing for the bears to come out and algos to make the opportunity for a sell, we have seen this creating pullbacks as this one, but still fails to continue deeper than 3-4 $. Point is Monday will eventually do the same, considering this with a very similar pattern (yellow Box) i think the real answer next week will be if SPY manages to stay above 183 in the morning, With bullish action this could mean new highs again, If fails, goes to test the lows and violates the pullback range we might have some more in play, watching DMA50 too.
Have a nice long week and GL