SPY may decline toward $700 if the up-sloping trend line breaks downward.
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So, we're starting here with the with the S&P. And today, the S&P is kind of not doing a whole lot, right? We initially looked to open up slightly higher and even pushed up. We're up about half a percent.
Look like we're going to tackle those potential all-time highs again. Not quite. Big reversal in the markets.
The market sold off, but eventually did rally up about 0.7% um intraday from those previous lows, before selling off into the end of the day and now actually going green. On a broader time frame, we're putting in a potential interesting couple of days coming up into these this beautiful kind of up-sloping trend line.
Should this up-sloping trend line ultimately end up breaking to the downside, I definitely could see the SPY come down closer to that $700 level.
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What this channel has said about $SPY
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