Tradewave

Overhead trendline approaching.

AMEX:SPY   SPDR S&P 500
37 3 1
SPY             is nearing an important trend line . Observe how price behaves near this trend line . This may be a potential area of resistance.
Here are the scenarios:
1) Price tags the trend line , reverses and forms a new lower high on 30 min. ( Bullish constructive action)
2) Price tags the trend line , reverses, sellers jump in aggressively and we get a retest of the lows.
that line is on my watch also
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I have a suspicion the shorts are going to pile up in that area. This oversold rally is quite impressive I must say.
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G13Man Tradewave
Gaps on the spy since 2009

gaps below , in case we do not continue up
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