SPY levels to watch on a Daily Chart

I usually post Weekly charts. Using a Daily chart here to more easily detail price levels.

Prior State: Selloff from mid-December bounced near 234. A Bullish Engulfing Pattern was confirmed on 12/27.

Current State: Price has retraced 38.2% of the selloff from the October high to the December low. A move to 264 would introduce price to a prior congestion area.

Future Forecast: Price may move higher to 264 but is likely to struggle in the congestion area. If this selloff is over price will roll over in the 264 area or in the congestion area. If price can break through 280 higher prices should follow well above the 293 high.


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