SPY is forming a wedge on its daily chart. Over the course of this week we have seen a strong bull rally to the upside. On the daily chart if you turn on the 4 ema, you can see that we are extremely extended. With this extension in one direction, I would not be surprised to see a pullback into demand. -
SPY as I write this is currently sitting below its daily wedge breakout... if we fail to hold 351, it is very possible that we will see a pullback going into Friday- If we get rejected, I expect a move back toward our 348 support level, below that my target is 345.20 (0.236 fib retracement level)
- Note the below average volume on the day, and the semi-shooting star forming on the daily candle
- On the flip side, a gap above 351 would be extremely strong and we would likely see continuation to our swing high of 354
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.