SPY just hit resistance after a price displacement and now we must fill this gap in order to continue. We may need the CPI as a catalyst to breakout from these levels.
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This consolidation between the noted support and resistance looks likely to breakout above the 386 levels.
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Consolidation broke out as expected and but there are many FVG created. I believe we have to retest these levels. Specially the new FVG created above the resistance line. We must not forget the bigger time frames have a bearish trend.
Taking profit and entering short term puts might be a good protection against next weeks volatility from CPI.
Taking profit and entering short term puts might be a good protection against next weeks volatility from CPI.