SPY Support and resistance levels

CHART-III

• Price fills the GAP and trades above 200 hour moving average.
• If price sustains above 200 hour moving average price will take out 120.66.

CHART-II

• Channel support line is acting as resistance as discussed in the below chart.
• Only if price moves above 118.70(day high) some upward momentum can be seen.

CHART-I

• If SPY is to move up price has to break through multiple resistances.
• First one is the channels support line from which it broke down. Then if it manages to go up the 200 hour moving average will be the next hurdle.
• If the 200 hour moving average is taken out then the GAP will be faded.
• On the contrary break of 117.59 will be negative and take SPY to new lows.