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cerealpatterns

is this daily rejection from resistance or a bear trap?

Short
SPDR S&P 500 ETF TRUST (AMEX:SPY)  
cerealpatterns  
AMEX:SPY   SPDR S&P 500 ETF TRUST
Trend Analysis Chart Patterns Technical Indicators SPDR S&P 500 ETF (SPY) etfs indextrading indexfunds reversal broadermarkets Support and Resistance swingtrading
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trendanalysis chartpattern indicator spy etfs indextrading indexfunds reversal broadermarkets supportandresistance swingtrading
SPY and emini es1! futures have signaled the start of daily consolidation for the S&P500, and a rejection from the monthly trendline. this idea is simple. if we confirm a lower monthly high, and the beginning of a reversal by remaining below the pivot i would aim for sss supports and lower horizontals. if we remain rangebound, and break out above pivot i would aim for upper horizontals. this resistance is stiff, and it would not be surprising to see SPXL a good 4-8% lower here. im tracking the underlying index with SPY, but the instrument i would use is SPXL. if we gap up id wager intraday turns bearish, and if we gap down i would look to close that gap with bearish activity to follow.

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looks like gap down and bounce could go both ways
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