SPY Not Buying the Island Reversal

SPY Not Buying the Island Reversal

SPY will gap up and open ~108. If the gap remains unfilled it could be the beginning of an island reversal back to the upside but I'm skeptical of this scenario unless SPY breaks above trendline B. Trendline B connects the SPY 101.13 low in July to the 107.6 low on 8/16. I'm expecing a SPY high today ~108.2 before a drop towards 106.8 and lower.

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