Retesting the Channel for a Major Drop in SPY After Reaching 570

Aug 21

The SPDR S&P 500 ETF Trust (SPY) is nearing the upper resistance of a long-term ascending channel. As the price approaches the key level of 570.20, we anticipate a retest of this channel, followed by a significant drop. This level could signal the start of a substantial correction, given the previous resistance and current macroeconomic factors. Keep an eye out for reversal signs at this critical level.