SPDR S&P 500 ETF TRUST

Was Friday a head fake on major SPY resistance line?

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After three days of SPY daily candles just under the line, Friday pushed higher and closed over the line. Lacking however, was a notable volume increase, and many sentiment/market indicators are leaning into the extreme greed area. A longer term Chande Momentum Oscillator (21 days) shows caution because the line is over 50. SPY opened over the line today, so it will be interesting to find out if SPY stays over the line or closes back below it.

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