SPY - Finding Support & Bouncing

The $457 level has been a well-established level of support in recent weeks and months; the price was bounced off this zone 4 or 5 times already. Earlier today, we experienced yet another bounce which seems likely to carry price up to $468 before it sees any significant resistance. This bounce also marks the formation of a double bottom signaling the end of the prior downtrend and that start of a new uptrend (at least for the short term). I would look to enter on the break of the $458 resistance we are currently facing. I would take profits at the $468 level. Keep in mind that FOMC is fast approaching; since this promises to be a volatile period (especially this year), I would want to close positions before the committee convenes. Place stops at $457; If price breaks below you could switch to a net short position.