Fridays price action in the markets were whipsawed with the SPY selling off in the morning to test the 104.50 lows of the week to only turn around and close the 106.50 resistance. Looking at the SPY daily chart it seems if we stay above the 106.50 level we could make a run and test the 50 SMA at 108.61. Opposite of that, if we don’t sustain this level we will trade back into last week trading range (which you can clearly see on the SPY hourly charts). If we do trade back into last weeks range we could trade lower breaking the 104.50 level and test July lows of 101.13.
