SPY gapped above the 289.11 resistance level today but without very impulsive follow through & is still trading below the April 29th high where it peaked before breaking below the larger rising wedge pattern off the March lows. As such, the suggested stop will be suspended yet again as we continue to grind within the multi-week trading range. Technically, SPY hasn’t put in a new divergent high yet but would on a pop & drop (gap & crap) scenario when the market opens on Monday.
SPY 60m June 8th