Madrid
Short

Ascending triangle with negative divergence.

AMEX:SPY   SPDR S&P 500 ETF
220 2 4
The levels were topping at around 212. At this time we have a negative divergence on the trend, depicted on the bull side of the indicator.
The bears are gaining momentum and today the levels reached the lower part of the ascending triangle , which means a possible break to the downside is close. If the levels can't go back to 212 the consolidation will be broken and it will fall to its Resistance level at 202.20. If this level can't be held, the next strong support will be 198.33 which was a level where the price was dancing a lot since July last year, the "magic 2000 level".
As long as the 200 levels are strong enough we'll probably see a lot of choppiness again between 200 and 212, but beware of the historic ascending trend line , this is the line of the sand between the long term Bull and Bear territory. The longer we'll be here without any more upside, the closer to this historic line we'll be, which means we could move to the bear territory later this year.
dsorchestra90
2 years ago
thoughts on this since 212 was retained? i think we will continue along the wedge as long as possible (july?)
Reply
Billhinge
2 years ago
Yes, have noticed this myself
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener 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
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out