By Crazeenews
SPY: Targeting $428 For The Last Dance (Technical Analysis)
– 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.
The market (NYSEARCA:SPY) chart has flashed its first sell signal and that tells us the summer rally is coming to an end.
You can see this Sell Signal at the bottom of the daily chart below. Options expiration pushed
the SPY down and almost triggered our preset Sell Alert at $420, which will
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.
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.
Therefore, we are now looking for one of those bounces targeting a retest of $428. The last bounce almost made it to $432.
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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