SPY Hourly Chart:
I see a bearish bat pattern on SPY.
SPY started an uptrend in the latter part of 6 September after a downtrend which started a week ago. This uptrend is likely to continue with a few minor downswings till third week of September when point D of the pattern is reached. SPY would then be in the range of 455-456.
Thereafter, the scenario doesn't look good. SPY may then retrace to 443, a major support level, which SPY tested yesterday (6 September).
I see a bearish bat pattern on SPY.
SPY started an uptrend in the latter part of 6 September after a downtrend which started a week ago. This uptrend is likely to continue with a few minor downswings till third week of September when point D of the pattern is reached. SPY would then be in the range of 455-456.
Thereafter, the scenario doesn't look good. SPY may then retrace to 443, a major support level, which SPY tested yesterday (6 September).
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