SPY Technical Breakdown at 670 Level

about 1 month ago

"I know exactly where the markets are going and so should you because in my recent videos I stressed how important that 681 level that that was really where the rollover would begin and the flush could potentially start. But obviously we lost that 681 level and we're quickly moving down to 670. Now, I'm still of the mind that we want to watch what happens when we hit that 670. I mentioned then that there's two scenarios. We're either going to cut through it like a knife and that's going to tell us that the rest of this year is going to get really really ugly or we're going to bounce at 670. We need to see nice strong volume nodes at the bottom of the chart."

The speaker outlines a key technical level at 670 for SPY and presents two potential scenarios: a decisive break below 670 signaling a further downturn for the year, or a bounce if strong volume support emerges. This analysis is used to set expectations for near-term market action.

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