$SPY has its eye on double top 210.92, this is considered a Harmonic Pattern Line in Sand level that separates opposing emerging patterns.
I'm using an STRange 50 bar chart for an intraday perspective. The initial levels to break and hold are the Range Marker levels 210.45 or 209.71.
An upside break of 210.45 has that 210.92 target if price breaches above it, it will invalidate the Downside Target pattern. A HOLD above 210.92 has the initial Upside Target 212.09 and ideal Upside Target of 216.33. So each of these targets are considered probable rejection points. A downside break of 209.71 has initial pull back target of around 207.2 and very important support test target of 205.75 because if price can hold below there it would risk shifting the intraday bias to down and increases the probability of testing 202.79 and 200.28.
There is some momentum implications of price running out steam as nears the 210.92 target, this creates a cautionary flag for buying at the top.
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