SPY Briefing for Wednesday 6/28/23

SPY Briefing for Wednesday 6/28/23

Jun 28, 2023

Today saw price action that cut through resistance with little pushback, making me think that tomorrow will see some kind of retest. 433.80 is an area in particular that has my interest. MFI saw some pretty nasty outflows into the close as well, so I will be watching price action tomorrow to see if that plays any impact: specifically bearish divergence on MFI vs price. Today also filled the gap at 436.48. If I was a betting man, I'd say market will sell off tomorrow at some point, but we'll have to keep watching to see.

If we do see buying pressure, 437.45 is the next area of resistance, with potential to extend to 438.06. Above that level and I'd expect pressure to take us back up toward 444.image

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