SPY Broke Off and Retested it's the trendline from April 2020

Yesterday, SPY broke & closed below the long term support line that it was following since April 2020. SPY has bounced from this support 6 times while came near it around 3 times before reversing. It has finally broken this support yesterday, retested it (and got rejected) today and closed at 451.75). I think we see it touching 448 until Friday (tomorrow, we might have a relief bounce or it might go to 448 tomorrow).

In case it goes down, the next supports are in the region 438-444 and then 430-434.

With the earnings season going on and AAPL reporting earnings on 1/27 and FOMC meeting on 1/25 and 1/26, this is more of a pendulum and can swing in any direction.

This idea is inspired from/dedicated to @lavontakeyamon

Kommentera:

the 438-444 region also has the 200 Days Moving Average.

Kommentera:

Futures are up once again, however, it could be that we see a dump after open (like yesterday) or it could continue going up. Futures have been weird lately.

Kommentera:

SPY went up to 458.74 but then the flush started and it closed at 446.75.

There might be a relief bounce to retest 450 and then to 444 and even 438-440 which will be interesting.