An update on this weekly chart of the SPY. Some hesitation (high wave candlestick) going into that resistance zone overhead. Above $143 has a lot of clear air until the next supply level around $147. Next week is shortened (Labor Day) so it's possible we get a move that sets up next week's action but also leaves Friday's trade as consolidative in nature.
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at email@example.com
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