SPY / SPX - Daily Ascending Wedge Almost Totally Peaked
Uptrend continues, but increasing looks to breakdown.
Price is almost at 12 year resistance line, white line top of ascending wedge (from 2007 to present). This is significant resistance.
Price drop below bottom of white line ascending wedge indicates a more severe downtrend.
RSI overbought and starting downtrend.
Wycoff Trend accumulation shows bullish trend has peaked, but needs to be watched. Market being falsely inflated with liquidity injections from FED over $100 billion daily.
If we get close to breaking bottom white line ascending wedge trend, I will buy Puts and increase position if things maintain downtrend.
Off topic - SMH is very similar in trend to SPY currently. Same setup, same ascending wedge, same free-fall underneath if price breaks.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, VIXY and short SPY.
Price is almost at 12 year resistance line, white line top of ascending wedge (from 2007 to present). This is significant resistance.
Price drop below bottom of white line ascending wedge indicates a more severe downtrend.
RSI overbought and starting downtrend.
Wycoff Trend accumulation shows bullish trend has peaked, but needs to be watched. Market being falsely inflated with liquidity injections from FED over $100 billion daily.
If we get close to breaking bottom white line ascending wedge trend, I will buy Puts and increase position if things maintain downtrend.
Off topic - SMH is very similar in trend to SPY currently. Same setup, same ascending wedge, same free-fall underneath if price breaks.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, VIXY and short SPY.