A break in the price range above to the low side in conjunction with a RSI break below 50 would send SPY to at least 2 or more of the above marked targets (191, 181, 171, 161).
BUT first, a test of and bounce off of 191-193 (lower channel support) seems mostly likely. The strength of that bounce should tell us whether new highs within the tightening range are coming or finally a break below. SPY could hit 209 by this Dec WITHOUT breaking the upper channel.
BUT first, a test of and bounce off of 191-193 (lower channel support) seems mostly likely. The strength of that bounce should tell us whether new highs within the tightening range are coming or finally a break below. SPY could hit 209 by this Dec WITHOUT breaking the upper channel.
