August 9, 2022, 9:22 am EDT
Rebound Stalled and Key Support (SPY)
Rebound stalled again which is similar to the pattern in June as shown for S&P 500 ETF (SPY).
This rebound has been strong that cleared out all resistance levels nearby. The only resistance is at top 430 where it may put S&P 500 back into fully bullish bias for all trends (short, medium, long).
However, there is a key support level 408 that we need to pay attention. Because last time SPY dived down -10% in 6 sessions (from 408 to 365). Thus, it is always important to watch out if similar actions appear again.
The lower bound for SPY is 365.