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SP500/SPY April Fools?

SP500/SPY April Fools?

Overnight we broke down under the channel trendline (red) that I've been watching. They sat on it for quite a while, broke down, retested it, and then final failure. It does seem that the channel trendline is/was important to the shape of the price movement and should help us decide which way price wants to go.

I see two possibilities for today - both marked on the chart. I'm leaning more towards the bearish side - especially if we test the channel trendline and fail. IF we get over the channel, retest it, and hold over it - I suspect we may be making a triangle which is common for a B wave before the next C up. There is some bullish divergence on the 15 and 30 minute minute charts but the size of any bounce is unknown.

So who will be the April fools today? Bulls? Bears?

Time will tell.

Trade cautiously and good luck as always

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