$SPY false breakout of channel? potential 5% correction?
-As the S&P looks to push to new ATH where the mental number is $400 we have to keep an eye out as to what can be coming up next
-We have been trading in this channel where resistance has held strongly along with its proper support riding in this channel but what I'm looking for is in the event that the mental number $400 is finally reached we will have a potential pullback for where we can see $SPY has progressively being pushing up without setting up proper stops where there should be demand for a potential bounce. Hence, the false breakout.
- Specific levels I'm looking at based on previous price action rely on the the speculation that near $387 there will be a proper test for support and once this higher time frame support is broken we can aim for next near $382 target .-
-Of course making sure to keep an eye on each level at a time but mostly looking at price action in the event that we are seeing any major pullbacks happening in the upcoming days
-We have been trading in this channel where resistance has held strongly along with its proper support riding in this channel but what I'm looking for is in the event that the mental number $400 is finally reached we will have a potential pullback for where we can see $SPY has progressively being pushing up without setting up proper stops where there should be demand for a potential bounce. Hence, the false breakout.
- Specific levels I'm looking at based on previous price action rely on the the speculation that near $387 there will be a proper test for support and once this higher time frame support is broken we can aim for next near $382 target .-
-Of course making sure to keep an eye on each level at a time but mostly looking at price action in the event that we are seeing any major pullbacks happening in the upcoming days