SPY is right at the door of the next resistance at the 1H chart. Will it have enough ammo to break it? On the 4H and 1D, 472-473 (which is around the ATH) is the next resistance.
Today's close will give us an idea if SPY is going to attempt to break 470.
My personal idea is that it might get rejected in the 468-470 area and would then test the start of the gap or maybe even try to fill the gap. I think we might see one more green day but with the FOMC meeting next week, I think we will see a lot of selling on Friday.
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This is not an investment adivce.
Today's close will give us an idea if SPY is going to attempt to break 470.
My personal idea is that it might get rejected in the 468-470 area and would then test the start of the gap or maybe even try to fill the gap. I think we might see one more green day but with the FOMC meeting next week, I think we will see a lot of selling on Friday.
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This is not an investment adivce.
Comment:
finally broke out of the resistance and has managed to stay above. Monday and Tuesday's price action will be very important.
Trade closed: target reached:
This might the time to close long calls or set a very tight stop loss.
Next is retest (and looks like a break) of the previous ATH to make a new ATH.