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cerealpatterns

is this daily rejection from resistance or a bear trap?

Short
SPDR S&P 500 ETF TRUST (AMEX:SPY)  
cerealpatterns  
AMEX:SPY   SPDR S&P 500 ETF TRUST
Trend Analysis Chart Patterns Technical Indicators SPDR S&P 500 ETF (SPY) etfs indextrading indexfunds reversal broadermarkets Support and Resistance swingtrading
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trendanalysis chartpattern indicator spy etfs indextrading indexfunds reversal broadermarkets supportandresistance swingtrading
SPY and emini es1! futures have signaled the start of daily consolidation for the S&P500, and a rejection from the monthly trendline. this idea is simple. if we confirm a lower monthly high, and the beginning of a reversal by remaining below the pivot i would aim for sss supports and lower horizontals. if we remain rangebound, and break out above pivot i would aim for upper horizontals. this resistance is stiff, and it would not be surprising to see SPXL a good 4-8% lower here. im tracking the underlying index with SPY, but the instrument i would use is SPXL. if we gap up id wager intraday turns bearish, and if we gap down i would look to close that gap with bearish activity to follow.

Idee correlate

cerealpatterns
looks like gap down and bounce could go both ways
cerealpatterns
looks like were headed for consolidation in SPX
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