First one is, well, Obvious, r we about to embark on a New and Forgotten adventure, a Red adventure dat is??
The second one shows the Spy 60 minute chart with channel lines and today Spy found support at the bottom channel(281.68)!
That said, if u check out APPL's 60 minute rising wedge channel you'll see APPL fell outta bed and a cascading waterfall event played out today!??
Now Spy is likely to play below the close, 283.18, and the lower channel line has moved up to around 282.40, hence, we expect spy to bounce at that level, BUT, what if it does as APPL and falls outta bed, well, the Blue 279.84(R4) is our next support level??