SPY reached my last target @ 361 Its a double bottom from June as well its where 200EMA is (weekly) , which serves as a major support (look at US500 for clear picture) We may chop sideways for a while, something between 360-370, but if there is no nukes flying, it will bounce. Bullish Targets: 370 resistance 374 gap fill 390 would be a final target, from there I...
From yesterdays selloff, SPY maintained in the pennant formation, but since its in the downtrend , pennant looks bearish. Bear flag is forming and I expect SPY to fall quickly to 390 today and if it holds, we may see a bounce. If we remain in this pennant, it will be a good opportunity to trade it both ways Fibs give me top level of 400 If we brake down from that...
I played this bounce and stayed long for a swing. I will be very careful, as I don't think its a reversal, but short term bounce only. Area of interest is 400 then 410
I think we have another leg down to 390 level, then bounce to 400-404, and hard fall from there to 372 level Good luck
I think SPY will bounce today and tomorrow. It will start another leg down next week. If turn red today, then target is 407 (50ema on daily)
My short target was reached and I went short yesterday, but I think bulls may buy the dip and I may take the profit this morning. Didn't post it yesterday as it was a bit of a gamble on my part. Since a month we are rallying, it is bear market rally to me, nothing else. So today, we may see a bounce from overnight drop, I am going to go short again at around 427...
SPY touched 200ema on a daily and got rejected. I think its a top for few days. we are in ABC correction Bear flag on 1h Strong resistance at 416 (June rejection) similar to June bearish divergence on 4h I believe in symmetry, so we may conclude this bull rally and form inverse H&S. In that case we would fall to 390 area or to 50EMA which is around 400. I think...
I really hoped for this rally in June, but I guess its never too late. I see a lot of people questioning if its a bounce or reversal. lol, look around! We haven't really started. I'll be starting my short position at around 416, its where 200 EMA is sitting now, and its where 50 EMA was with huge resistance. I think it will be the first significant pullback worth...
Looking at longer timeframe. I think we'll reach the 415 target that will follow with sharp pullback and bullish continuation up to 420+ level. From there Ill be looking for long term short position. For now, daily scalping seams safe bet. Good luck
Tomorrow I expect pullback to 389 level, previous resistance and then continuation to 400+
Its on its last up swing, reached resistance in the flag and most likely will go further down to 8000 area.
Regardless of those wild swing, I am leaning towards bullish move in the next few days towards 400+ SPY is in pennant, although pennant in downtrend is likely continuation of the trend (down) this one may be the opposite. SPY is consolidating and forming C&H on the hourly, yesterdays pullback was necessary to cool of RSI and trap weak hands. I expect another...
Simple comparison to the 2008 crash, which took almost 6 years as opposed to 2 years since the covid dip. Time frames are different, but VIX behavior is worth compering. If that was the case, I would expect a sharp drop before spike over 35, which could take as fast to 50 and beyond.
RSI on 1h is overheated, after cooldown (could be brief) Ill go long to 394 I took short position EOD, and will take profits once the pullback is over this morning.
SPY looks similar to March 15 rally (green circles), if that's the case, it could test again 370 area before the take off. The pivot point would be in the 395 area, if it can breach it and stay above, I expect rally in 416 area, retracment to 390, which would create C&H and then squeezy to 438 area. From then, hard fall to sub 360. Levels to watch (each one...
I think SPY may be trading in the pennant today, brake on either side would give direction for the next week. We are in bearish mode, so its more safe betting on that side.
Seams it's making mid channel reverse H&S, possibly testing the upper channel is still in the cards.
I took profits today, SPY is looking bearish to me and I am going to watch it tomorrow. We may gap up to 380 and then fall hard. If we gap down, then EOD may reverse. I wouldn't yet go long, especially over the weekend. Bearish (high probability) We have almost reached 380, which is higher low on 1h on my chart We have bearish divergence on 1h We have raising...