$spy weakening trend short term downside
higher time frame is showing defined uptrend with indecision
mid time frame is showing range bound action/distribution
it also shows a break of first uptrend line and a false breakout towards the resistance area of first trend line and price broke down through the second trend line which shows a weakening of the trend
bounces off the third trend line which is also the .618 retracement level back into the range
rsi is showing negative divergence and volume is showing selling pressure
lower time frame shows a break of the downtrend line into resistance area of 243.5x
worth monitoring price action-possibly break resistance area and moves towards resistance of second trend line in mid time frame and move back down
mid time frame is showing range bound action/distribution
it also shows a break of first uptrend line and a false breakout towards the resistance area of first trend line and price broke down through the second trend line which shows a weakening of the trend
bounces off the third trend line which is also the .618 retracement level back into the range
rsi is showing negative divergence and volume is showing selling pressure
lower time frame shows a break of the downtrend line into resistance area of 243.5x
worth monitoring price action-possibly break resistance area and moves towards resistance of second trend line in mid time frame and move back down
Penafian
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