S&P 500/SPY Move down to continue!

SPY / SPX

Today's price perfectly bounced from the 0.236 Fibonacci retracement levels. $ES_F S&P futures are hovering around a moderate resistance level of the 15 EMA and 0.382 Fibonacci retracement level which is around $3300. It's important to note we're still in a downtrend for the past almost 3 weeks. The price has constantly been rejected at the 15 EMA, 50 MA and Fibonacci levels. Thus, I expect the pattern to hold and expect to see a downward movement soon to around ~$3122 levels.

If we see a break of $3300 I'd expect to see a price of $3350 and possibly $3400 to trade.

Please share your thoughts. I love to learn and have a healthy discussion!

Trade aktif:

As expected we did see a move to $3300 but price was heavily rejected to the ~$3200 level where we saw a strong and quick bounce.

All of this happened much faster than expected due to high volatility. My target for ~$3122 is still active and expect the move lower to begin 9/25 or week of 9/28