Another SPY bull trap cycle after a major run.
We have major resistance in the 393 levels and if history repeats itself we will see the rejection around these levels. If you look closely at the previous false breakouts (or bull traps) you can see the Fair Value gaps it leaves and eventually get filled.
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If we can break out of the 393 as early as today and we hold off above it it'll be a bullish run to the 402-405 levels.
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Looks like some consolidation happening at 393. We know that a consolidation is followed by an expansion in either direction.
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Consolidation finished and expanded to the downside. That is all for now, thanks for viewing!
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One last comment, the small box is the Fair Value Gap which has now been filled even sooner than expected.