OsmanDiaz
Short

Standing On the Precipice

AMEX:SPY   SPDR S&P 500 ETF
139 1 2
First, I hope everyone here on TradingView had a Happy New Year! My first post of the year is a very bearish one for SPY             with the week ahead looking at selloffs to retest the $200.00 level. The trading during the shortened New Years week was lower in volume , but still indicative of an overall bearish sentiment in the market. My forecast is that Monday or Tuesday may see SPY             hovering around the $202.50 level before retreating even further to $200.00 later in the week. There is not much propping up the S&P             at this point and I feel like we are on the precipice of another major selloff like we saw in August, with lower highs and lower lows preceding a breakdown to the $190's.

TECHNICAL ANALYSIS:
  • Candle: Solid Red Candle (Bearish-Sellers had control of the market all of last Wednesday and most of Thursday)
  • Volume: Increasing selling volume ( Bearish )
  • Stochastic (Slow): %D hovering around 50, %K descending, but greater than %D (Bearish-Sellers have control of the market)
  • MACD: Histogram positive, but falling back towards 0, MACD moving towards a crossover of signal ( Bearish )
  • Overall Trend: Downward-20 day EMA (Blue Line) nearing a crossover of 200 day EMA (Blue Circles) ( Bearish )

Agree? Disagree? Any feedback would be greatly appreciated! Thanks, and happy trading!
good call so far. More to come , maybe a bounce here
Reply
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out