The S&P is approaching a 50% retrace level and the 200-week simple moving average, a combination which has served as support in the past. There should be an intraday bounce here (3500), at minimum.
how is the June 21-24th weekly candle not green? idk if the indicator broken but SPY went up 4.77% and the indicator still showing a red candle???
Skipper86
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@testicular101, The weekly MACD still hasn't given a signal cross. MACD is a lagging indicator, it needs to lag to filter out noise.
DirtyD77
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hello, like the chart. What indicator are you using for the colored candles?
Skipper86
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@DirtyD77, The indicator is 'MACD Hybrid BSH' which can be found in my published scripts. The version used here is a modified version of the standard MACD which includes the Hybrid BSH colorization. It has not been published because it was made at a later date, uses a lot of default code, and the script would need to be cleaned up and commented on to meet quality standards.
BahamasX
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Agreed. Confluence ...
Skipper86
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@BahamasX, I suppose it's also worth noting the round number of 3500 should serve as support as well.
BahamasX
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@Skipper86, yes, plus 3500 level was 2 times resistance and now the price is heading for support ... strong cluster ...