SPY short
Its been a nice run since the lows of March 23, Until the higher Fibonacci resistance at the 294 level reached on the 29th of April and again trying it on the 11th of May.
13th of May key moment possible when it crossed the 50MA and broke firm uptrend, (on the hourly seen on the chart) , broke previous support a day later at 280 Fibonacci level briefly though then pushing back up to 286 on Friday (previous support now resistance).
I believe it will try again the 276 level, which hits a nice Fibonacci uptrend line 2/1 , back up to 280 in slim volume- Then as the arrows show that it probably will break back down towards 263 if not 253 levels. (End of May) .
13th of May key moment possible when it crossed the 50MA and broke firm uptrend, (on the hourly seen on the chart) , broke previous support a day later at 280 Fibonacci level briefly though then pushing back up to 286 on Friday (previous support now resistance).
I believe it will try again the 276 level, which hits a nice Fibonacci uptrend line 2/1 , back up to 280 in slim volume- Then as the arrows show that it probably will break back down towards 263 if not 253 levels. (End of May) .
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