The breakaway bullish case took a hit from Friday's activity and I shifted to a short position at close. Possible we get a reaction bounce but looking for a retest of Friday's lows at minimum and if those levels are broken a solid bit more to maybe 203-205 SPY.
Lots of event risk so expect this week to be volatile. Next week is one of the most bearish post OPEX weeks of the year so will be interesting to see where buyers step in.
Potential levels of support but I wouldn't be surprised to see if retrace 50%+
Trendline was broken and a retest to 203-204 isn't far fetched here.
The weekly setup was extremely bullish up to Thursday with a potential beginning of a breakout but it was reversed. Still in the consolidation zone so odds increasing we go for another pass below.