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.
- 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!