SPY confirmed first support levels noted here: 
For now, 494-496 zone is valid support as well as UTL (upward trendline).
Also, I added a bull flag here (red lines).
My scenarios are:
Scenario 1. SPY holds yesterday lows + UTL.
Jumping back on 8EMA, showing strength, ready to do new highs.
Scenario 2. SPY going lower onto the next support - 21EMA, then 490-488 as pivots + Channel (flag) bottom.
For now, 494-496 zone is valid support as well as UTL (upward trendline).
Also, I added a bull flag here (red lines).
My scenarios are:
Scenario 1. SPY holds yesterday lows + UTL.
Jumping back on 8EMA, showing strength, ready to do new highs.
Scenario 2. SPY going lower onto the next support - 21EMA, then 490-488 as pivots + Channel (flag) bottom.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.