$SPY Rejected at $747 Again: Bears Eye a Breakdown Below $740
$SPDR S&P 500 ETF Trust(SPY)$ gets rejected at $747 2nd time so far and closes below both 20SMA and 50SMA. This is extremly bearish now.
Here's what will happen next:
If SPY breaks below $740:
1. closes below it
2. volume starts to pour in (like a lot of selling going on)
3. VIX spikes through 20 again towards 30
4. war continues on until end of July
5. July FOMC is hawkish
6. earnings is strong but tech gets sold out.
then these 3 levels will be in play:
730-731
720-722
714-717
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