Thursday last week the SPY printed a Bearish Engulf and Friday we did see minor follow-through with Friday's close below the halfway point of the Bearish engulf and a lower low. Price has closed below our blue tightening wedge lines both Thursday and Friday. On the bright side, the SPY chart trend still has a bullish attitude with price closing Friday above the T-Line Bands. If the sellers can print a lowe close today below the green T-Band $286-285, could see a test. A bullish close over $290.35 would suggest the bulls are not finished with there challenge of the $293.95 high. This is a pretty heavy week of earnings, chose wisely when taking on a position or holding a position. With price action still in the bullish side of the T-Bands, we will remain cautiously bullish and continue to trade with clarity and rules.
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✅ Trade-Ideas for consideration: BKH, PCG, NSP, USO, TZA, KBH, RIOT, LULU, AAPL, CTRP.
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