SPDR S&P 500 ETF TRUST
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Bearish Wedge Forming

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Simple analysis on the SPY rally that has been occurring. In the chart you can see a strong bearish wedge forming on the daily. A breakout below the lower bound trend line indicates a drop towards the $280 support level. The RSI also bounced off 70 for the second time while SPY price formed a higher high in the current rally.

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