AMEX:SPY
I see a wedge that could be forming. I thinking it'll break Wednesday after the fed meeting. Also wedge is sucking volatility out of the market.
A possible wedge is forming. If it breaks out downward it could turn into another downward channel or if it goes up it could retest previous support/resistance at 286 and 289.
AMEX:SPY
Once spy hits 266.7 I will Take some profit. If spy cannot break 266.7 the previous resistance level I will sell my shorts. If it does break 266.7 I will hold till 264 the 50% Fibonacci retracement level or 262 the previous support.
If spy does not break 266.7 then I will wait for it to retest this level and be bullish till 273.4 the previous high. I...
AMEX:SPY I am Short on the spy because it just hit a major trend line. I believe It will test this trend line then drop to 257 the 38% Fibonacci and previous resistance level. (I am not a professional investor)
