SPY_60 On the 60-minute chart, the S&P 500 ETF (SPY) broke support with a gap down on Thursday morning, but filled this gap with a late surge above 132.50 in the final hour. Sometimes a failed signal is just as important as a signal. The bulls followed up on Friday morning by producing a big gap higher and resistance break at 134. Not only did Friday’s gap hold, but SPY also moved higher after the gap. The gap zone and broken resistance turn into the first support zone in the 133.5-134 area.RSI confirmed the breakout with a move above 60 and momentum is also bullish. The 40-50 zone now becomes support.
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