9-30: Pre-market SPY
shows a gap up open above the trend line
. Something I've been watching for lately. But a failed breakout is also a scenario I've noted and this might just be the set-up. For the break out to hold we need to see a successful retest and hold of that upper channel. If successful 198.36 then 199.21 comes into play.
Otherwise, i'm watching yesterday's ascending trend line
. A break of that line might be the cue that we are due to go back into the channel. A fail at this level could also send us all the way back down to the bottom part of channel through tomorrow.
If we get a breakdown levels i'm watching:
196.75, 196.10, 194.95