📈 $SPY BEAR TERRITORY UNDER ATTACK!
• Bulls keep marching higher towards the bear gap territory.
• Double bottom neckline broke and the measured move is 560 which is next level of resistance before the bear gap fill starts.
• I am putting this scenario to clear a message about ISLAND BOTTOMS, you need a gap over the bear gap noted below and move higher.
• The reason I am not talking about this scenario is look at the bear gap closely, bulls can gap it up overnight but there is dual resistance with the previous all time highs and it warrants a pull back usually.
• To avoid this scenario bulls have to gap over 564.5 to allow a smooth upward trend transition.
• The analysis above has lots of ifs and buts and extremely unclear. That is not good analysis and I like the plan simple. So sorry to waste your time with the top 3 pointers, but understand plan should be simple.
• Levels, levels and levels, 560 resistance above that we have bear gap when filled will act as resistance.
• Bulls have to defend 554.5 the same level as yesterday too and see how well they defended it today, what are you looking for? See if a candle closed under the level and how every dip under it was bought up.
FLOW UPDATE: $META seems to stand out with a lot of OTM call flow. $NVDA remains bullish.
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