SPY- Retrace Complete
Back Testing Ascending Channel.
Running into Horizontal Resistance
At the resistance of Spy Tops ( Light Blue)
With the Market Cycle Conditions and seeing the confluence of resistance all coming int at this area, I would say that this bounce is all but played out. I would expect to see the selling to resume shortly. When we do reverse I would expect us to hit 274 on the next selling spree.
If this resistance does not hold then I would expect the next resistance to hold, which would be the inner channel resistance (light green)
Running into Horizontal Resistance
At the resistance of Spy Tops ( Light Blue)
With the Market Cycle Conditions and seeing the confluence of resistance all coming int at this area, I would say that this bounce is all but played out. I would expect to see the selling to resume shortly. When we do reverse I would expect us to hit 274 on the next selling spree.
If this resistance does not hold then I would expect the next resistance to hold, which would be the inner channel resistance (light green)
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