SPY possibilities

6 במאי 2020

I see a longer term Early stage Falling wedge formation confirmed on the daily. If we break above the downward sloping resistance line we may rally. If the upper trend line holds, I see further selling pressure, possibly reaching the previous low before bouncing off of the lower trend line on the pattern. If we see a bounce at the low, we have a double bottom formation with resistance at the upper trend line, again a break through resistance = Rally. The other possibility is that we reach the lows and break through support, giving us further downside potential. As for me my current strategy is selling into strength.