SPY bottomed on FOMC week and established the immediate trend's lower channel. The bounce off the lows moved SPY to the upper channel & a continuation wedge formation (stair-stepping downward). Friday's bottom wick attacked the intermediate trend that was established near the Jan lows. We have an "impingement" upcoming in the SPY Wedge Formation this week...does the larger, intermediate channel dominate the April/May channel? If so, expect a move back over 395 and possibly a run at the 405 level which is the 20DMA & the weekly low set on May 1st. If the move up towards 395 fails, expect the intermediate channel to be re-tested (should be under 380 by then) and then continue the Wedge Formation down towards the 374 area which might spark high volume selling and take SPY under 370.Dotted horizontal lines are key weekly lows since February and placed for your visual reference of potential Profit Taker areas.
Key SPY levels for the upcoming 2 weeks: 360/ 368 / 374 / 377 / 380 / 385.15 / 405 / 411 / 420
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