Couple of days of bounce in SPY after it defended a year long trend line.
SPY closed right below 20 MA, a break over that would turn this into another “V” shape bounce that dip buyers accustomed of seeing so far. SPY support at 235.43 and resistance at 20 MA 238.70. Short term bias is bearish as long SPY below 20 MA. After couple days of bounce there is also a possibility of market churning for a few days before the next move.
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