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)
Chart PatternsspdrS&P 500 (SPX500)SPDR S&P 500 ETF (SPY) Trend Analysis

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