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WadeYendall

SPY nearing rejection zone

Short
SPDR S&P 500 ETF TRUST (AMEX:SPY)  
WadeYendall Updated   
AMEX:SPY   SPDR S&P 500 ETF TRUST
Trend Analysis Chart Patterns
2
0
trendanalysis chartpattern
SPY has rallied back to an area of heave resistance. Watching for how price will react to this zone.
Many traders will see this rally as a chance to unload weak positions.
Comment:
Right into the resistance zone now. Would not be surprised to see a push up into the 618 off the open tomorrow the supply will come back in and push the SPY back down. Many strong stocks have made it back to their daily 50 sma's or the 200 sma. Wait for the news cycle to tell you which way we are going from here. Personally I expect the news cycle to turn negative again.
Comment:
Here's the 1 hour.

snapshot
Comment:
Still watching. May push to the daily 200. Anyone holding long have no reason to sell yet.
However, If we gap down after the weekend and sell off that will leave an island reversal candle. Many traders will see that as very bearish.
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