abigreen

$400 rejection

Short
AMEX:SPY   SPDR S&P 500 ETF TRUST
I am still looking at the $400 as a rejection point, and I expect a huge leg down.
down targets are : 380, 372, 362

Its seats in this downtrend channel and in case it brakes the 400 , it may shoot to about 422 (low probability)

I dont swing in this climate, only day trade, but there is so much good opportunity now, that I am happy doing just that.
Comment: Spy is trying to form ugly inverse H&S, ugly as the right shoulder makes no sense.
It may attack resistance again, it will have to brake 397 and stay above it to make push for higher high. I guess tomorrow we will see. In case it does brake 397, once more 400 will become a resistance (psychological) and if it takes it, 422 is given