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Chartimistic

SPY - 1H Let's see if it has bottomed

SPDR S&P 500 ETF TRUST (AMEX:SPY)  
Chartimistic Updated   
AMEX:SPY   SPDR S&P 500 ETF TRUST
Trend Analysis Chart Patterns Technical Indicators SPDR S&P 500 ETF (SPY) 1hr gap Fibonacci Extension pricetargets
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trendanalysis chartpattern indicator spy 1hr gap fibonacciextension pricetargets
SPY gapped up this morning on the open but has been pulling back since around 10:30 AM (right around the time London closes). Since around 12:30 PM it seems like it has been trying to create a base. I am looking for a move above the previous candles high but so far the price has managed to hold the gap level from this morning.

Should the price continue higher I have my potential price targets noted.
Comment:
Price continued to move lower breaking through the gap level. The long position never activated and is negated for the moment. Take the short if interested. I am targeting the $312.30 level to the downside.
Comment:
Looks like that low of the last hour may have been a shakeout before taking this thing higher. Stock price has moved higher than the open of the last candle. Looks like my initial thought of price moving higher may be correct. Market trying to whipsaw us in the final hour of trading.
Comment:
whipsaw central. Just staying away to see where it closes. Just alerted again that it fell below the gap level from this morning.
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