$SPY 1D Outlook

SPY 1D is displaying relative weakness after rejecting the 0.5 retracement level at 401.38. If bulls fail to reclaim that level and bears successfully close a daily candle below 389.87 (0.236 weekly retracement) then we would expect to see selling pressure increase and possibly sweep the lows again. Monitoring it closely along with movement in oil prices heading into September's FOMC meeting towards the end of the month.