SPY could break down out of the channel at any time now.
SPY is in a tricky situation here. Currently it is stuck in a short term ascending channel. The breakdown point could be any day now as the daily Stoch and RSI are reaching overbought levels. One it breaks down, the next point to watch is the long term support level from back in 2017 at $254. From there it can either break below that, or rise back up to the four month downtrend line.
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