SPY sitting right over 244.9 resistance - will it hold or to 241

18 Jul 2017

SPY just topped high of last wave within its bull channel during last 2 trading sessions and looks like it's holding above it today. Momentum indicators are bullish so as long as today's candle closes here at 245.6 or above last session's open then it looks like it may continue higher. Will it have enough momentum to get closer to testing the upper bull channel line? Momentum indicators suggest it may but I'm skeptical since pressure will be pulling price back toward 20 SMA (243) and either way we're beyond inflated at these levels given the real state of the economy/global/political stability...trying to learn how to trade options on SPY so just getting this on the record, thoughts welcome:)