here’s my preferred (primary) scenario for the SPY: a gap up today which turns down at, or preferably before, the top of the resistance zone banded by the yellow lines. this would keep the near-term downtrend clearly intact by putting in a lower high, below the 4/17 high. prices could still push above that level and turn down at the next resistance zone although that would complicate the technical picture and make for more difficult trading, at least until the former highs are taken out on all primary indexes.
