- Price is not sustaining above the resistance line It is testing the Cloud again.
- One should also note that Price is forming a range around the 200 SMA in daily, so breaking the major high and low in hourly time frame on closing basis may give good direction
- Correction in hour chart has been supported by hourly cloud till now.
- For bulls the marked resistance line has to be taken out.
- Correction from here and a retest of the cloud may turn things in favor of bears.
- SPY WEEKEND UPDATE