themarketzone

Inside structure zone - Two possible scenarios

AMEX:SPY   SPDR S&P 500
$SPY's aggressive pullback pushed the price all the way up to close just below 200$.
The price is inside a daily structure zone between the 50 and 61.8 Fib levels.
As long as the price is inside the zone there's uncertainty regarding future price direction.

A breakout above 200 could lead $SPY towards the final target of this pullback - 204-206$ (according to my analysis of course.. it could rally also rally to the sky if it wants to)

A breakdown below 198$ could lead to a short term bearish pullback following last week's correction move, perhaps towards 192$ and 190$

These are the two scenarios I see towards the coming trading week.
With jobs week ahead, rest assure that the summer's volatility will last few more days..

This analysis is part of the Weekly Markets Analysis newsletters

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Bearish setup worked and reached target level..
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