We've reached a critical point on the chart for SPY. Between May 27th and June 9th, we found balance in the same range we find ourselves today. Last time, a red hot CPI print sent the market tumbling over 10%. At that time, I drew a few S/R lines to watch for a breakout. Interesting to see where those S/R lines stand as we enter this critical zone. Best of luck with your trading!
Trade active:
A rejection of the upper resist line
Comment:
We nailed the breakout of this range. Now we have another opportunity to watch the same s/r drawn in late may. We didn't see as strong of a breakout to the bullish side. Let's see where we go this time. I want to see strength in the breakout from this level. Good luck all.