Deftsuo

Possible Ascending Triangle in play for SPY here.

Long
AMEX:SPY   SPDR S&P 500 ETF TRUST
Taking a look at SPY here; we can see SPY has been putting in higher-low's ever since early April, and has been doing so along the 21 day EMA in purple. Price has respected the flat line of resistance along the 200 day EMA in light-blue around 293 or so. Looks like a textbook ascending triangle setup. Measured move of the ascending triangle could take SPY back up to the 313 region; which has some nice confluence as it was the rejection point on March 4th following a bounce off of the 285 level when SPY started to drop initially. If the prior higher-low at 279 is taken out, or the daily closes below the 21 day EMA in purple, this ascending triangle structure would be invalidated.

EMA guide:
21 day EMA in Purple.
55 day EMA in Teal.
200 day EMA in Light-Blue.

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Comment: Bit of a cleaner view (21 day EMA in Purple, 200 day EMA in Light-Blue):
Trade closed: stop reached: Prior low at 2771 was taken out. Ascending triangle has been invalidated: Prior low on ES1 has now been taken out:

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