SPY: Gap filled, right at resistance. What happens now?
SPY has formed another isosceles triangle, which could break up or down. Notably, this close was right at the top of the triangle, and it also just completed closing the gap (which means it was not an island reversal).
I expect the next move will be large, to the top ($204) or bottom ($183) of the triangle. Once the triangle breaks a line (green or red), use the other line as your stop loss exit trigger.
I expect the next move will be large, to the top ($204) or bottom ($183) of the triangle. Once the triangle breaks a line (green or red), use the other line as your stop loss exit trigger.