don_shula

$SPY BIG RISING WEDGE, tested daily uptrend close under 21 ema??

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AMEX:SPY   SPDR S&P 500 ETF TRUST
The market gapped down at open, $SPY is currently below the 21 ema, today it tested the bottom of that daily uptrend which is just above the 50 ema. Once it hit the bottom of that daily uptrend you can see the "algos" bought it right up. This can be a fake out, as I mentioned earlier this year, SPY on the daily time frame is in a huge rising wedge which is a bearish move. Moments ago price just got rejected off that 21 ema, which is just below the gap at the 386.14 - 386.67 prices. Taking into consideration of the larger time frames indicators, Id anticipate price to fill the gap, but not break through the 9 ema, instead I see $SPY closing between the daily trend and the 21 ema. let me know what y'all think???

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