Spy pullback to 200sma or 393
Structure almost similar to early June 2022 when everyone thought spy was consolidating a flag for a leg Higher. This is not consolidation , this distribution!
Yellow line - 2022 bear channel
Blue line - Uptrend from October
White line - additional strong supporting area
Not shown is 200sma which is also in that area.
If we fall through this area them market reversal is at play, otherwise this is just a pullback
Over the next few sessions you'll see data come out (PPI, retail ,ETC) and then the mouth pieces will start the whispering of a 50bp blah blah blah.. Ignore the noise
Yellow line - 2022 bear channel
Blue line - Uptrend from October
White line - additional strong supporting area
Not shown is 200sma which is also in that area.
If we fall through this area them market reversal is at play, otherwise this is just a pullback
Over the next few sessions you'll see data come out (PPI, retail ,ETC) and then the mouth pieces will start the whispering of a 50bp blah blah blah.. Ignore the noise
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