SPY Hits Potentially Significant Extrapolated Upside Target

From a P&F perspective, we see that SPDR S&P 500 ETF (SPY) has climbed to its upper-channel boundary line and swing objective off of the Brexit P&F low at 199, which could prove to be a significant resistant target zone.

That said, however, for starters SPY must decline to a print of 231.00 to trigger a new down-column of red O's, which will be our first clue that the current one-way market has morphed into a two-way affair.

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