Spy at a fork in the Road
We are approaching 3 resistances.
1. RSI divergence
2. Channel reentry resistance (White line)
3. Rising wedge resistance ( Yellow line)
I think we reach all 3 resistances at 453.50 -454. At this point we will need a bigger increase in volume to break through that RSI. If there is a break we could seriously be headed back to 470.
If we get rejected i expect a 2-3 percent pullback and close some of those gaps. I know everyone is calling for a bigger drop I just don't see it happening in the middle of earnings.
1. RSI divergence
2. Channel reentry resistance (White line)
3. Rising wedge resistance ( Yellow line)
I think we reach all 3 resistances at 453.50 -454. At this point we will need a bigger increase in volume to break through that RSI. If there is a break we could seriously be headed back to 470.
If we get rejected i expect a 2-3 percent pullback and close some of those gaps. I know everyone is calling for a bigger drop I just don't see it happening in the middle of earnings.
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