SPY reaching a key support level
Quick analysis on the Daily Chart
Yesterday, SPY flushed and it went through the 0.5 FIB level almost reaching to the 0.618. Meaning we are in the Golden Zone and we could see some bullish action defending those levels. Overall Market sentiment is bearish so I'm thinking bulls step in trying to defend those levels and take profit and then bears do their work but slowly and painful.
Personally, I want to see how the market opens and definitely will be looking for a short entry. I will definitely try to ride until 388.74.
Yesterday, SPY flushed and it went through the 0.5 FIB level almost reaching to the 0.618. Meaning we are in the Golden Zone and we could see some bullish action defending those levels. Overall Market sentiment is bearish so I'm thinking bulls step in trying to defend those levels and take profit and then bears do their work but slowly and painful.
Personally, I want to see how the market opens and definitely will be looking for a short entry. I will definitely try to ride until 388.74.
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