SPY Current Triangle and How to Trade it

These two lines and this simple triangle chart pattern shape determines where the market goes next. Over the last month almost $SPY has chopped around from 444 to 452. Now its nearing its down trendline and up trendline creating a triangle pattern. Triangles are techincal patterns that form after a sustained move. They typical break in the direction of the the longer-term trend. To see that you have to zoom out with $SPY and see this is a triangle pattern that is formed over a year long run up.

Breakout occurs if we get above 452, its confirmed above 454. That voids the downtrend and the prevailing uptrend takes control. Break below 446 and the downtrend continues.

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