SPY CHART TECHNICAL

SPY is in low volume state along with short covering and ready to breakout based on CPI and PPI data as well as follow up interest rate hike talk. Due to low volume bullish, still on the up trend line but other technical indicators have started to cool off like MACD, RSI,SCHOLASTIC, AO. In few days May touch 421 or breakdown from this level.

Sell starts from 409-407. First Stop at 393 before Sept then May slide to 370 further based future data and rate hike.

I doubt that market will go up beyond 220 by this year due to most of the short covering probably done now and fresh sell short start soon that will bring down the market spy 350 end of the year.