$SPY formed inside candles (harami) last two candle and it failed to rally/bounce from it, now testing 50MA. recent pattern completed tower top but did not sell off with high velocity yet. looking at weekly and monthly $spy is overextended/overbought and needs breather. there is rising window gap resistance in daily from 7/22 which was tested on 8/19, market could possibly rest breather after eating stop losses to bounce from here 435.72. lots of investor holding winner - yearly PoC 416.33, keep an eye on safety net 100 and 200 MAs.
daily close < 435.72 could be real dent
daily close and/or price > 435.72 is healthy market
GL!
daily close < 435.72 could be real dent
daily close and/or price > 435.72 is healthy market
GL!