Spy looks to be in a tough position here at 3515-3525. It's trying to break through but on the 15minute chart, this attempt doesn't have as much behind it as it did earlier in the day. This could possibly show the bulls are losing their momentum.
However, if bulls are able to recapture that momentum via news break or technical break, we could be looking to make a run at all time highs. However we will likely meet resistance at 3565, falling just short of all time highs. We will have to pay attention to volume if we are able to get through this level.
Right now I expect the bulls to struggle with their current position and dip down to fill the first gap.
Careful on long entries as there is proving to be more and more bears piling into this triangle pattern resistance.
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SPY
However, if bulls are able to recapture that momentum via news break or technical break, we could be looking to make a run at all time highs. However we will likely meet resistance at 3565, falling just short of all time highs. We will have to pay attention to volume if we are able to get through this level.
Right now I expect the bulls to struggle with their current position and dip down to fill the first gap.
Careful on long entries as there is proving to be more and more bears piling into this triangle pattern resistance.
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SPY
