SPY is nearing an important trend line. Observe how price behaves near this trend line. This may be a potential area of resistance.
Here are the scenarios:
1) Price tags the trend line, reverses and forms a new lower high on 30 min. (Bullish constructive action)
2) Price tags the trend line, reverses, sellers jump in aggressively and we get a retest of the lows.
Here are the scenarios:
1) Price tags the trend line, reverses and forms a new lower high on 30 min. (Bullish constructive action)
2) Price tags the trend line, reverses, sellers jump in aggressively and we get a retest of the lows.