Look at what happens. Every time we get a cross down on the indicator, we get a 5% pullback in SPY ($283 this time). I think we will see this same pattern repeat within the next few trading days. I'll consider a crossing of the EMA20 (yellow) below the VWAP (white) as a confirmation signal, although it will be delayed.
In addition, crypto market (BTC and ETH) have had somewhat of a correlation in recent months. We are now seeing a clear reversal in the crypto markets which I believe is a leading indicator of the SPY, although the correlation is not very strong.
BEARISH on US equities until we see 280s again within the next week or two. Target: $283
GOOD LUCK.
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Market appears to be selling off into the close today now, let's see if it continues
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Premarket is looking positive for tomorrow morning (Tuesday). Implied open is positive. This could change overnight, but if SPY continues to climb tomorrow and/or Wednesday, we could be looking at a scenario more like this one.
As usual, no guarantee so use your own best judgement and do what you think is best for you.
@SluggishMoney, what is the indicator you use for the red and green clouds? (SPY)
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@henrik525, it's called MTF_VWAP, I made it but I haven't published it. Tradingview makes the publication process really strict so it's difficult to publish all of my indicators :/
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@SluggishMoney, nice job man. How long have you been trading?
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@henrik525, thanks, but we still have to see how this plays out. I've been trading for a few years now, but just in my spare time. I just like charting technicals and stuff