SPY Prediction.

Here's my SPY breakdown using top-down charting from the 1Hr and 15min timeframes.

On the 1Hr TF, there was a lower low (LL) created last Thursday around ($549.62). For the downtrend to continue, price needs to stay below ($564.02) to form a lower high (LH) and possibly go back to test that Thursday low.

Now switching to the 15min TF, you can see that the ($562 - $564) level was tested four times, and each time price rejected and pushed lower. But remember what happened Friday around 2 PM — price spiked to ($563.83), then sellers stepped in and brought it right back down.

So for Monday, if SPY gaps up over ($564), I’m looking to take calls for a push toward ($570 - $573) (just like the moves we saw on October 31 and November 5). But I would only scalp that move — personally, I wouldn’t be fully bullish unless SPY turns ($568 - $570) into support like it did back in November.

If SPY does not gap up ($564), then I expect more downside pressure with a possible re-test of that ($549.62) low.

This is just my opinion, make sure to chart it out yourself.