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ratchet-mint

SPY breaks its upward trend and prepares to gap down

Short
SPDR S&P 500 ETF TRUST (AMEX:SPY)  
ratchet-mint  
AMEX:SPY   SPDR S&P 500 ETF TRUST
Trend Analysis Support and Resistance Candlestick Analysis SPDR S&P 500 ETF (SPY)
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trendanalysis supportandresistance candlestick spy
SPY has been on tear in the week or so, but upward momentum has stalled out and showing signs of reversal.

We can see signals of potential reversal while SPY was still riding high.
  • Looking at the support upward trendline, we see SPY testing it most of Tuesday.
  • Once hitting the horizontal resistance line, it breaks below the upward support
  • Confirming its breakdown, SPY then goes into selling momentum candle.

Currently in after hour trading it is signaling that tomorrow it will gap down.
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