By Crazeenews

SPY: Targeting $428 For The Last Dance (Technical Analysis)

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White Lightning

– This is a technical analysis Web Stories. There are sell signals on the chart below. However, we expect a “last dance” retest of $428 resistance.

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White Lightning

The market (NYSEARCA:SPY) chart has flashed its first sell signal and that tells us the summer rally is coming to an end. 

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White Lightning

You can see this Sell Signal at the bottom of the daily chart below. Options expiration pushed 

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White Lightning

the SPY down and almost triggered our preset Sell Alert at $420, which will 

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signal to us the end of this summer rally. Why Expect A Bounce To $428? As we saw on the way up, there was a little price pullback after each of our Buy Alerts was triggered. 

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White Lightning

We expect to see this pattern in reverse on the way down. We expect to see bounces each time one of our preset Sell Alerts is triggered.  

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White Lightning

Therefore, we are now looking for one of those bounces targeting a retest of $428. The last bounce almost made it to $432. 

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White Lightning

Obviously you can see on the chart below that all the signals are weakening, as Demand is exhausted and Supply takes price down. 

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