SPY Reaching Resistance

I made this chart a couple of months ago and repeatedly the the Fibonacci levels I have drawn have been confirmed. Starting from the left, if you look at the blue ovals, you can see that SPY bounced right at the Fibonacci convergence areas. After four very clean bounces, SPY got stuck 110.5-111 which was major Fibonacci resistance area. It finally broke 111 as SPY hit the Fibonacci fan's 50% retracement. After that, SPY has climbed very cleanly along this line and has now finally (almost) made it to the orange rectangle which is the next major resistance.

Moving forward, I strongly believe that SPY will either get stuck between that orange rectangle or fall to 110.5-111 area. Seeing as how the market has become so inactive that I would call it boring, I suspect that we will probably move sideways along this level (also, another Fibonacci study I did showed that the market is indeed showing indications of continuing to move sideways).

- Wown
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