SPY Long Term Trend Channel!!!

SPY has been in a long term channel on the Monthly and Weekly time frames, however on the daily, it is currently on a down trend as indicated by the downward sloping diagonal white line. A break above the white diagonal resistance line will indicate a push to the upside of the channel, while a push to break the lower red diagonal support would confirm a reversal. For the time being, on the daily, SPY is in a downtrend. Let's see how far it continues, and look for support to hold around the diagonal support line.

This is only meant for educational purposes and is not advice to buy or sell.