SPY to Pullback on Tuesday

SPY to Pullback on Tuesday

I'm off on Tuesday so I won't be able to post a chart however I still might twitter in some trades/commentary. But here is the chart for Tuesday:

SPY closed right at resistance from trendline A. This is the major downtrend line since the April high. I'm expecting SPY to pullback from this level, possibly down to 108.46. The 108.46 gap was not closed on Thursday.

I was hoping SPY would pullback today so I could take on a larger long position but I never got an opportunity. So I will continue to wait until SPY pulls back to at least ~109.5. There is a remote possibility that SPY is unable to hold 109.5 or 108.5 and drops all the way back to 105.31 but I view this as highly unlikely.

Finally there is the possibility that SPY ignores trendline A and just continues to bust through to the upside. In that case just stay long. But it's funny cause just three days ago it was doom and gloom the end of the world and now everyone is bullish as if there was no pullback to 104.x... so I feel like the market is ripe for a pullback/shakeout.

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