As expected 439-440 was resisted. In fact, the open bar for the day was a gap up and closed at the low of bar triggering a sell with an Sl above the high of bar.
SPY is now below all moving averages. And 200 s around 431.5.
Now considering the last fall 437.67 to 433.39 we can short at 436 levels.
Reason is It is 61.8% retracement We have a stochastic black bar at the bottom. So a retrace may give stochastics around 70 levels. And if it falls without a black bar on top sell is confirmed.
Elliott oscillator Red, CCI Red.
Target 431-432 levels. Trend change now is above 438.5 levels.
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