SPY churns at high under significant fibonacci level

SPY average trade size picked up in wks 2 & 3 of February leading to weakening in the S&P 500. Now churning between $213.40 resistance & $207 - 208 support. I would expect much churn back and forth ahead of FED rate (possible tightening) announcements. Likely distribution for many months up here.
ESS&P 500 E-Mini FuturesIVVSPS&P 500SPDR S&P 500 ETF (SPY) VOO

Related publications

Disclaimer