SPDR S&P 500 (SPY)

[risk on]

Agree, close below 9 ema yesterday , and it’s opened just below and being confined at that mark so far ,

but....

Spy also has a gap owed it @ 259+

Then again ....

Spy weekly has a clear reversal candle posted last week in way OB

On the other hand ....

Spy can stay OB for a long time and that reversal candle posted on the weekly chart needs confirmed by this weeks candle

That said....

Spy daily oscillators broke down from OB and booked below it , solidly , yesterday , and generally speaking once oscillators go that far from OB , they usually will go all the way to OS before the move is complete .

So....

I think we see lower by end of week and the weekly reversal candle will appear to be confirmed between now and Friday, but the weekly chart will probably not see a close below it’s 9 ema , rather a close at it or just above with its own reversal candle ( hammer ?) posted for this week, thus negating the reversal candle booked last week, and setting up a move back to test recent highs next week.