Next resistance level at 126 if the 200 sma fail
The 200 sma held, it's targeting the 212 area? Short term bullish to 212. It's got another 1.50 points to go, then let's see what happen? $SPY still range bound between 204 - 212. But, the 200 sma is a force to be reckon with.
@ the 200 sma resistance level? Will it hold or fail?
Awaiting the 8 ema to cross the 21 ema to the upside for a confirm trend change
Bearish if 120.94 breaks; Bullish if 127.55 breaks
Indicators are bearish, especially if the MACD breaks the zero line.
Bullish until price close below the 8 ema or until the 8 ema cross the 21 ema to the downside.
Price action and the indicators are showing negative convergence. However, if price open above Friday's close then it could bounce. The indicators are showing more downside to come especially, if MACD cross the zero line.