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Despite Today's Strength, SPY Still Range Bound...


From my BIG Picture SPDR S&P 500 ETF (SPY) P&F chart, we can see that nothing directional is happening (yet), but within the sideways pattern, SPY appears to be traversing its contracting range from low to high, from 211.50 towards a potential test of "pattern resistance" at 215.50-216.50.

A print of 217 is needed to begin to inflict some directional damage to the contracting pattern.

Otherwise, a print of 211 is needed to inflict directional damage to the downside.

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