SPY Island Reversal: a battle is won but war not yet over!
SPY in this hourly chart just made an island reversal & went up to fill the first down gap, closing at 457.51 & making a double top.(Gap when filled becomes shortterm resistance)
It also break above the hourly 200ma ribbons.
This is very bullish. However, as you can see in the chart, there is still another down gap from 464.
This, together with the strong resistance at 470 will work against the bulls fighting uphill against the downtrend.
The best bulls can do is to make another gap up & jump over this next gap to 464.
The minimum for bulls is to retrace a little to relieve the oversold RSI without going below the 453 support.
otherwise, there is a big void from 453 to 440, the next strong support
To my bullish friends out there: Enemy still strong so gear up for 2 more battles uphill!
not trading advice
It also break above the hourly 200ma ribbons.
This is very bullish. However, as you can see in the chart, there is still another down gap from 464.
This, together with the strong resistance at 470 will work against the bulls fighting uphill against the downtrend.
The best bulls can do is to make another gap up & jump over this next gap to 464.
The minimum for bulls is to retrace a little to relieve the oversold RSI without going below the 453 support.
otherwise, there is a big void from 453 to 440, the next strong support
To my bullish friends out there: Enemy still strong so gear up for 2 more battles uphill!
not trading advice