Posting another quick update here on the SPY as a lot has transpired in financial markets over the past few months, yet buyer and selling continue to dictate the price action in my opinion. On the 4-hour timeframe, the SPY is oversold and has formed a bullish ABCD Elliot wave, while also holding a falling wedge within a bearish megaphone.
On the daily timeframe, the SPY has formed a bearish head and shoulders (Pictured Below) and has broken below its 200-day SMA. The weekly timeframe depicts two bearish megaphones as well, with the SPY having held within the larger of the two since November of 2021. Just some support and resistance levels to keep an eye on in the interim, along with some RSI-based supply and demand zones, staying hedged, and staying cash.
--Previous Charts Attached In Description --
SPY Daily Timeframe
SPY - Daily - Bearish
- Head and Shoulders (Bearish)
- Broke Below the 200-day SMA
- Sitting on the Covid-19 Trendline Support
SPY 4-HOUR Timeframe
- Oversold on the RSI
- Bullish ABCD Harmonic Pattern
- Falling Wedge Within a Bearish Megaphone
- Sitting on the Covid-19 Trendline Support
--Previously Charted--
On the daily timeframe, the SPY has formed a bearish head and shoulders (Pictured Below) and has broken below its 200-day SMA. The weekly timeframe depicts two bearish megaphones as well, with the SPY having held within the larger of the two since November of 2021. Just some support and resistance levels to keep an eye on in the interim, along with some RSI-based supply and demand zones, staying hedged, and staying cash.
--Previous Charts Attached In Description --
SPY Daily Timeframe
SPY - Daily - Bearish
- Head and Shoulders (Bearish)
- Broke Below the 200-day SMA
- Sitting on the Covid-19 Trendline Support
SPY 4-HOUR Timeframe
- Oversold on the RSI
- Bullish ABCD Harmonic Pattern
- Falling Wedge Within a Bearish Megaphone
- Sitting on the Covid-19 Trendline Support
--Previously Charted--
