SPDR S&P 500 ETF TRUST
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SPY Short: Expanding Triangle

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Looks like we have a distinct expanding triangle pattern which started back in 2018. My guess is today's sell-off happened because trading programs noticed the price yesterday breached the expanding triangle's resistance line. I would wait for further confirmation before trading based off of this pattern.

Do I really think that the price will drop further down than the Coronavirus crash? At this point, I find that hard to believe. Based off of my technical analysis however, it's possible. Let's see what happens!

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