SPY Daily Analysis: Consolidation Ahead
$SPDR S&P 500 ETF Trust(SPY)$ Daily Analysis: Consolidation Ahead
Today's indecisive candle was rejected at the $608 resistance level, which was measured last Friday in the S/R edition. This price action at the upper Bollinger Band suggests a healthy pullback is likely.
This formation, appearing just ahead of tomorrow's #GDP news, warrants caution. The bearish divergence on the RSI also builds the case for a reversal.
How deep could the pullback be? The volume shelf, indicated by the dotted line, is the key area to watch.
Yellow arrows highlight similar price action.
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