Description
⋅ If we zoom out to weekly candles we see that SPY is still trading just above the 50 dma and way above the 200 dma.
The last two weeks show a doji candle followed by a bearish engulfing candle. In addition, we opened this week below what is now resistance at $288.
I believe we will see SPY test the 50 dma (~$280) by the end of the week. At that point I would sit out for a week to see if support holds.