SPY Situation

From last night's post.....

 "No victory laps yet.
The final nail in the coffin would be an upside head fake, whether the market can muster it or not, ????
It's not needed, but it happens about 85% of the time just before a reversal."

So we have several potential head fake areas, 1 would certainly be the break of the trading range over from this week, another is the bottom trendline, which was an ascending triangle and I mentioned $122 as another level which is the top trend line. The yellow boxes are the breakout areas and where they failed, that's the point of a head fake. The orange box is from my last post, there's a test of resistance and price is lingering around that trendline which is pretty normal.

We are actually getting 1 more test right now, as far as the minutes go, remember anything FOMC produces an initial knee jerk reaction, it didn't hold because there really wasn't anything there that wasn't already obvious.

If we had enough time today, I suspect we'd see a solid break. We'll see about that.

I'm going to look and post some other charts.