Each level of support we break becomes upward resistance.

We broke 370 today which now becomes upward resistance. The next level of support I see from macro trend analysis on the weekly SPY chart going back to 2018, is 350. These levels of support do not look strong, meaning many tests at that price range have not happened. This visual has the Cash in/Cash out report applied on the weekly chart set to 5 as a user input. This means the moving sum of 5 weeks is being considered. The indicator is meant to quite market noise, I assure you much noise is yet to come. The CICO report is free and open source. Quiet the manipulators voice and protect your portfolios. Learn how to use long puts to protect buy and hold postilions. The CICO report can be found here. Let me know if you have any questions.