The SPY is down just over 5% from its recent high. The candle formed today is an Inverted Hammer candlestick (ignore the tall upper shadow that appears on the chart. These levels occurred during pre-market & never came close to those prices during the trading day). This candle needs confirmation tomorrow with preferably a higher open & definitely a higher close than today's candle.
The dotted pink lines are previous gap levels that may provide resistance to any bullish move higher. Fibonacci extension levels are the dotted green lines. The 50% Fibonacci level would be around the dotted pink line at $330. The P&F price target is at the $340 level.
The dotted pink lines are previous gap levels that may provide resistance to any bullish move higher. Fibonacci extension levels are the dotted green lines. The 50% Fibonacci level would be around the dotted pink line at $330. The P&F price target is at the $340 level.