Robnhood_Trades

SPY ascending wedge with low vol

Short
AMEX:SPY   SPDR S&P 500 ETF TRUST
SPY has been flatlining the past few weeks. Look for support trendline to be tested near overbought levels. Any negative fed news could be the straw that (finally) broke the camel's back
Comment: SPY testing support here, any lower and could see a downtrend begin.

Comments

people here really gotta learn technicals before posting

a wedge is a undecided part in a trend where there is one force witha a straighter line the the other

no reason to include the Corona crash into this just draw a line all the way on the bottom of this run and on the top 2 from the beginning and you get a nice channel that's about to hit 465ish
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Robnhood_Trades Joelsaccount
@Joelsaccount, it's okay to disagree with someone's TA, but to say a pattern is ONLY fit for one particular case is ignorant.
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Believe there is very strong support formed here as selling pressure was incapable of taking price down. Selling puts expiring july at 420 for guaranteed profit
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@poister198 couldn't you just as easily say the buying pressure was incapable of taking the price up past 423, over the last month?
+1 Reply
@djo77721, bingo.
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poister198 Robnhood_Trades
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poister198 djo77721
@djo77721, whelps there we go.

For me i refer to RSI. why is there "selling pressure" instead of "buying pressure"? Looking at RSI tells you theres a lot more selling pressure but still failed to breakdown.

Result is a break above today.

;)))
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@poister198, never rely on 1 lone indicator, also note the long upper wick on today (so far). If this holds true, that indicates selling pressure.
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