SPY has broke support in this downtrend and now it will serve as a resistance, which is currently at 373. BULL: So today we may see green at the first half of a day, if it can get back in the channel, then after testing it as a support, we may see a rally up to 400 level. (inverse H&S) So I would place long position in back test area, which is around 368 I would love this to happen as it gives opportunity for both good long and short entry with high probability of success.
BEAR: If we can't brake 373, then most likely next targets are at around 354,340, 323, i think that is most likely to what may happen as we haven't yet seen a capitulation.
Good luck!
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SPY is forming Inverse H&S Ill be looking for 374 possible rejection, if not 380
I will trade it using SOXL