SPY reached new high today after continue squeezing upside and barely touched 200 SMA on daily. If SPY stays above 428.5 from where it rebounded this afternoon, it can further squeeze towards 432-433 congestion area.
We are at the point where Bulls might be exhausted and Bears are ready to attack so keep taking profits from your trades. Based on my daily chart fibonacci retracements, SPY can retrace back towards 415 and then 405 by sometime in September. It does not mean that we can’t go above 433.
Risk reward on downside is very high at 432-433 level compared to upside level. Stay nimble and Good luck!