$SPY Update, Selling Continues

SPY was rejected at a key level that would have indicated a short term reversal near the 422.85 level. I expect this to retest 419 being the next support level which we touched yesterday. Using the GANN Fan as potential paths of resistace, we can see how it following the downtrend accordingly. This is shorter term view on SPY, if you're looking for longer term time frame, refer to my previous SPY posts.

In conclusion, I expect the selling to continue after the FOMC meeting yesterday, as investors, the bond market, and institutions price in potential rate hikes next year, inflation, and speculation of tapering continues.

VIX seems primed for a move, and a healthy correction is nothing that we shouldnt be prepared for.