SPY: Weekly channel still solid, but red days could change this
SPY has been in this ascending channel since 2020.
Price action keeps bouncing off the bottom of the channel.
Higher highs, higher lows.
Price could bounce off the bottom of the channel yet again tomorrow. We will see by end of day tomorrow if the uptrend resumes (Green arrows)
Or price action could breaks through the bottom of the channel, invalidating the current market structure and turning the SPY into a downtrend (Red arrows).
It's decision time.
Stay humble, have fun, make money!
Price action keeps bouncing off the bottom of the channel.
Higher highs, higher lows.
Price could bounce off the bottom of the channel yet again tomorrow. We will see by end of day tomorrow if the uptrend resumes (Green arrows)
Or price action could breaks through the bottom of the channel, invalidating the current market structure and turning the SPY into a downtrend (Red arrows).
It's decision time.
Stay humble, have fun, make money!
