Looking at the SPY through three time views it has become apparent that it is starting to look heavy where it is now. Viewing the bottom weekly bars chart it can be seen that the SPY reached up to tag the upper line of its eight-year red channel at the beginning of March and has been pulling away since.
In the upper left daily bars chart we see the SPY is starting to fall from the upper line of its sixteen-month black channel after losing the blue year-end rally channel a few weeks ago.
In the top right 210 minute chart we see the SPY has established a declining shorterm channel shown in brown. Investors will probably stay calm as long as the pullback stays contained in the 210 minute brown channel with frequent bounces within.
Trade well my friends
Alan
