$SPY potential point of rejection

SPY is forming a wedge on its daily chart. Over the course of this week we have seen a strong bull rally to the upside. On the daily chart if you turn on the 4 ema, you can see that we are extremely extended. With this extension in one direction, I would not be surprised to see a pullback into demand.

- SPY as I write this is currently sitting below its daily wedge breakout... if we fail to hold 351, it is very possible that we will see a pullback going into Friday

- If we get rejected, I expect a move back toward our 348 support level, below that my target is 345.20 (0.236 fib retracement level)

- Note the below average volume on the day, and the semi-shooting star forming on the daily candle

- On the flip side, a gap above 351 would be extremely strong and we would likely see continuation to our swing high of 354