Our previous post for SPY was from a Long Term perspective so we'll take a look at trades occurring within the shorter time-frame..

As a quick recap, we pointed out that the LT Short was and is at the failure level but the Longs have not been able to push above. We don't think a sustained break of this critical level will occur until after FED statements. Still not a done deal, but our analysis still points to an eventual break out to the upside. It's just a matter of when, in our opinion.

The 60 min underscores the importance of the Short failure level as price has not been able to close above that price, even after numerous attempts. Typical market behaviour which we don't have the time to discuss presently.

We would normally expect at least a pullback to the aggressive intraday long identified and we have included it's primary targets if it is reached and holds. Keep in mind the market adage, buy the rumour, sell the news. If not, a quick run to the
current long 3rd target and then on to the Intermediate Term Long 2nd target shown on previous post.

Trade the chart and trade safe.

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