carvil_

SPY approaching rising wedge's resistance

AMEX:SPY   SPDR S&P 500 ETF TRUST
SPY had a breakout above the .5 fib retracement level today and is on its way to the top of the rising wedge's resistance line. In the course of this, it's also filling a gap at around $284.50.

Watching $285/$286 today, with a potential reversal after that.

Thoughts?

Comments

Sounds reasonable, but I think we have a good chance of hitting the 50 MA around $288.62. The 1.0 ext is $288.97. After that we have the 61.8 retrace at $292.93. I think we turn soon, but tough to be precise in this market.
+2 Reply
carvil_ tyler8910
@tyler8910, Thanks for sharing that, those are good expectations. I've struggled to get the levels right given the volatility we're seeing. Bulls are still pushing higher, but I've noticed an RSI divergence. That probably means we will likely turn soon:

Reply
tyler8910 carvil_
@carvil_, Interesting and good to know. I've never paid much attention to RSI divergences. Good for me to learn/start paying attention to. Thanks.
+1 Reply
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