SPY gap up and fade after Monday’s violent break of 200 MA, a possibility that I have wrote in previous post.
SPY now in the middle of the range above strong 270 area support. Bias is bearish but the chart also could be forming a bullish inverse head & shoulder pattern if bulls able to build here r defend 270. Problem is , not much leadership left in the market and price action remains just awful. However, decent trading opportunities are there, if you are an active trader and quick flipping both long and shorts.Game plan still remains fade any strength unless SPY gets back over nearest moving averages. Again slim picking as far as daily chart setups.
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