IS SPDR S&P 500 ETF (SPY) Trust heading for a breakout ?

Markets are flat in early pre-market trading today as investors have their eyes on the Fed today shortly after noon. Yesterday, we saw a perfect “doji” candle on the daily chart coming off a 2 day drop. Traders may be looking for the markets to try and catch some footing today and potentially head higher.

SPY Chart

Today looks like Wall Street may want to see the SPY hold over yesterday’s low of $408. Going below this number we could retest the 20 SMA which is around $401. Assuming we hold $408 today, traders may be looking up at the gap to around $412 then toward $415 which seems to be a mental resistance, meaning it’s not on the chart but it’s an area traders would feel is a good target range.