SPY Still bullish on the higher TF but weakening
SPY is still very bullish on the higher time frames, but is starting to weaken on the lower time frames.
Price broke the 618 RT to the ATH, but has fallen back below it overnight signaling a potential reversal.
That 618 level is at the whole number 360 and sits above the ema cloud, which will act as resistance now too.
Price has also fallen into the gap. The next area of support is 358 which would fill the gap.
I have drawn the 15M neutral zone and the 1H neutral zone. Each will act as support until they are
broken. Once they are broken they become resistance. Please see my previous post which shows
where price can drop to if the the upper support areas are lost.
Price broke the 618 RT to the ATH, but has fallen back below it overnight signaling a potential reversal.
That 618 level is at the whole number 360 and sits above the ema cloud, which will act as resistance now too.
Price has also fallen into the gap. The next area of support is 358 which would fill the gap.
I have drawn the 15M neutral zone and the 1H neutral zone. Each will act as support until they are
broken. Once they are broken they become resistance. Please see my previous post which shows
where price can drop to if the the upper support areas are lost.
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