The SPY is testing lower and possibly going into the "C" point of an ABC correction. The daily 3/10 macd is oriented in the 2c-2d configuration (bullish trend, where we look for an inverse H&S, 3-pushes to a low, or an otherwise higher low seed wave), which I've mentioned before puts one on the lookout for a 3d setup on the faster time frame. We did see the 3d setting up on the faster time frame in the chart below, however price rolled over.
Highlighted below, in the 130m chart, we see the same pattern as what looks to be taking place on the higher time frame daily chart. So, the next bounce from support could take us back to $142 over time (which is strong resistance). If the 3/10macd doesn't indicate very strong positive momentum going forward things can set up a 2b bearish criteria.
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