Welcome back traders! Here's your weekly outlook
for the SPY! Thursday and Friday last week were pretty anti climactic for the SPY
, we just saw a whole lot of in and out near our blue box but here is what I'll be looking for this week. First of all, I'd expect for it to crawl up right up against that orange trend line
I've got drawn up there, which it's done so far and if it continues to do so we can ultimately see a test of the upper descending trendline
for our larger descending triangle
we are still in and at least for the first attempt I'd expect to see that fail. That's what I'd expect to see at most, IF it were to break through the orange line then we'd have to brace down below BUT I wouldn't expect to see that, at least not "yet". I'm still holding on to the idea of being bearish
for now...not until I see a clean break of the highest trend line
. Let me know what you may think in the comments & as always, good luck & safe trading, I will see ya'll on Monday!