after a very strong selloff SPY has retraced and currently, the market is approaching a key level of resistance on daily.
On 1H chart the market is consolidating and coiling within a narrow trading range. If bears break below the range, for us it will be a perfect signal of a bearish continuation and potential second bearish leg.
Target levels will be 2912 and 2882. However, you can extend your second target to 2840.
Stop will be 2969.
*if the market closes above the range, setup will be invalid
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