SPY ready for breakout?

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The fund has been consolidating since mid-may, but now it broke out of a short-term resistance. I would wait for 1 more bullish sign before getting in, like a close above 166 with good volume for instance. Also interesting to note is that it re-entered an ultra long-term trading range from the weekly chart. If this new support line doesn't hold expect the bulls to swoop in quickly for the kill. Notice the sharp decline of the the lower support line (pink). Happy trading.
It looks like the bulls are turning the tides. Taking profit.
It looks like this pattern is still holding. Volume is extremely light though. I would look to short this market if it gets over 170. Use the long-term resistance line as a guide for your stop loss.
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