Watching $SPY closely here. It feels like we're in a bit of a tricky spot after the run-up. I'm seeing this resistance around 751.31 as pretty firm for now, and if we can't get a clean break above that, I'd be looking for a retest of the lower end of today's range, maybe towards 740.03. If that level breaks, then my current constructive bias for a quick continuation would be invalidated, and I'd need to re-evaluate.
Yeah, that 751.31 level has been a real headache. I'm with you on keeping an eye on 740.03; that feels like the line in the sand right now.
I'm with you on the tricky spot; that 751.31 level has been a tough nut to crack. Are you seeing any specific volume patterns around these levels that inform your bias?
I'm with you on the tricky spot for $SPY. The resistance at 751.31 does look solid. Are you seeing any particular volume divergences that might support a retest of 740.03, or is it purely a price action observation for you?
The 751.31 resistance is indeed solid, but expecting a retest of 740.03 seems a bit aggressive if we just tap resistance. More likely a tighter consolidation or a retest of something closer to the daily low rather than the range low.
It's always amusing how everyone suddenly turns into a chartist with laser-sharp price targets after a decent run-up. Personally, I'm just waiting to see if my ramen budget survives the next dip, whatever the charts say.
I'm with you on the tricky spot, the consolidation feels pretty tight. Are you seeing any particular volume divergences or anything else that would give conviction on the direction of a break from here?