I am neutral on SPY until I see price action but leaning towards short.. filling out the channel.
This can go two directions right here as we see quite a but of support and resistance along each trendline. Anyone who tells you otherwise is lying to you..
Tests of upper trend line show high level of resistance in overall downtrending market however we see support along lower trendline. Last candle on the daily I set alerts for breaks above and breaks below and then look for an entry. I will likely stay out of the market this week looks like a choppy one..
Good luck have fun trade safe cheers!
Follow and like for more! Comment your thoughts and ideas below!!
This can go two directions right here as we see quite a but of support and resistance along each trendline. Anyone who tells you otherwise is lying to you..
Tests of upper trend line show high level of resistance in overall downtrending market however we see support along lower trendline. Last candle on the daily I set alerts for breaks above and breaks below and then look for an entry. I will likely stay out of the market this week looks like a choppy one..
Good luck have fun trade safe cheers!
Follow and like for more! Comment your thoughts and ideas below!!
Comment:
Resistance at parallel channel (blue) along with upper trend line (red dotted)
