SPY $SPX 60min chart with potential support area.
The rising green trend line, which has now been decisively broken, is rooted in the October lows. SSPX/SPY now moving within confines of new falling price channel. SPY has tried to push up and out of this falling channel numerous times so far and has failed. A test of the lower channel line may be next.
We haven't even taken out the swing point at 177.99 yet and unless or until that happens, then the support area I've identified is pure fantasy. However, should SPY close below 177.99 then the next level of support is going to be the swing point of 174.76. 174.76 is not just a swing low, it is also in the area of the .382 retrace from the October as well as the area of the 50MA on the daily chart and the area of the 13MA on the weekly chart. This is confluence of support factors and if we do indeed reach this level, then I would expect a bounce of one degree or another from this area.
IMHO, of course.
We haven't even taken out the swing point at 177.99 yet and unless or until that happens, then the support area I've identified is pure fantasy. However, should SPY close below 177.99 then the next level of support is going to be the swing point of 174.76. 174.76 is not just a swing low, it is also in the area of the .382 retrace from the October as well as the area of the 50MA on the daily chart and the area of the 13MA on the weekly chart. This is confluence of support factors and if we do indeed reach this level, then I would expect a bounce of one degree or another from this area.
IMHO, of course.
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