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.
Comments
G13Man
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that line is on my watch also
LiquidityTracker
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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.