SPDR S&P 500 ETF TRUST

SPY daily - decision time

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SPY daily is in a symmetrical triangle. SPY is developing two patterns at the same time. The bullish one - a symmetrical triangle inside in a bigger falling wedge pattern and the bearish one SHS (Head and shoulder) pattern. The last day of the week finished a very bullish finishing day at major resistance. SPY is at major resistance at BigRed 200 days MA and falling trend line which will act as a major resistance for sure.

It is above 8, 20, and 50 days MA but BigRed is acting as resistance.
Volume is good enough for so strong end day and is confirming the price move.
RSI is at a neutral level.
MACD histogram continues to tick up and both the MACD line and the signal line are moving up which is bullish.

Overall: SPY is at major major resistance. If we want to see a bullish market next several weeks SPY needs to break those levels of resistance of very big volume and need to break out as soon as possible. The move and close above the 401-402 area would trigger a lot of stop loss and would be very bullish.
On the other side, if SPY got rejected again, it is almost certain we will drop very fast to the lower trend line and in case it falls below that line SHS pattern will trigger with a target below the 350 area.

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