What seems to be a reversal on SPY begs the question, will this uptrend be sustained or reverse back to the downside?
I believe we will see a sustained uptrend for the time being given signals from my indicator
For those that trust their TA more then mine(to be expected) I have applied a fib retracement for resistances to watch
I will now list the signals I am currently getting from my setup
-Red RSI closed above 50(this means sustained upwards pressure until our white energy hits 50)
-White energy is above 50(This means that we will see sideways at worst and upside at best regarding price action)
-White energy is at 95(White energy resembles momentum meaning we are seeing great bullishness)
What I am now watching is the Blue LSMA
This Blue LSMA needs to close above 50 to indicate that price action will stay above the Bollinger Band Basis(yellow dots)
I also want to watch how price action reacts to the 454 resistance and whether or not it will be broken
I believe we will see a sustained uptrend for the time being given signals from my indicator
For those that trust their TA more then mine(to be expected) I have applied a fib retracement for resistances to watch
I will now list the signals I am currently getting from my setup
-Red RSI closed above 50(this means sustained upwards pressure until our white energy hits 50)
-White energy is above 50(This means that we will see sideways at worst and upside at best regarding price action)
-White energy is at 95(White energy resembles momentum meaning we are seeing great bullishness)
What I am now watching is the Blue LSMA
This Blue LSMA needs to close above 50 to indicate that price action will stay above the Bollinger Band Basis(yellow dots)
I also want to watch how price action reacts to the 454 resistance and whether or not it will be broken
Comment:
2H Chart for those interested. Currently seeing momentum to the downside so I will be watching the Red RSI(if it crosses below 80 then we will seen contraction of the Bollinger Bands) this will then lead towards further time frame analysis. On the other hand the 4h is displaying conventional bull signals. Remember, the larger time frame is the path of least resistance.
