SPX500 INDEX (SPY) May Retrace! Here is WHY:

hey guys,

spy almost reached 2800 level.
if you open a daily or weekly chart, you will notice that it is a strong historical resistance level.

moreover, on 4H we have a perfect match between the resistance of the rising wedge pattern and previously mentioned structure.

+take into consideration dodji formation and rsi divergence.

these factors make me think that during Thursday's and Friday's session the market may retrace to the support of the wedge.

Adjust you trading plan accordingly!
good luck!