SPY 60 minute-2 Oct 2nd

SPY 60 minute-2 Oct 2nd

The reaction off of the T2 support level is likely to terminate here at the former T1 support, now resistance level, thereby providing an objective short entry at this time. The SPY made a very brief, momentum fueled overshoot of the T2 level as shown by this 60 minute candlestick tail/shadow, but managed to print a close (bottom of the body) right around the 193ish support level with the expected reaction taking place so far. Should prices continue to push much higher, the next decent resistance level comes in around the 196.30ish area.

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