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youssefgg
Mar 27, 2021 8:40 PM

SPY To The Downside  Short

SPDR S&P 500 ETF TRUSTArca

Description

After that nice little end of day rally on Friday I'm looking at a price target of 385 - 380 by this upcoming Thursday to bring Spy down to the 50 or 618 fib levels. QQQ is ahead of SPY just a little in regard to fib retracement. Recently had a big upswing off of the 50 fib to above 23 fib before having an aggressive sell of > -2% in one day straight down to the 618 fib before another small rally up. EOD spy rally pushed it right above the 23 fib. Intraday charts also suggesting buyer exhaustion. Will be interesting to see if the suez canal crisis will play a "role" in market movements next week. Look forward to your thoughts. Thanks!
Comments
Addicted2vtec
If the canal isn't open for business by early next week, I think you'll see some big ripples in the markets
youssefgg
@Addicted2vtec definitely! Will be interesting to see how things evolve over the weekend into futures opening tomorrow.
MacBull1557
Noo. not just yet, clear up trend till 3rd april
youssefgg
@MacBull1557, yeah these days anything can happen. Will see how we move tomorrow AM :)
bappykhalidhasan0
amazing
geist999
Good looking chart, nice job on this
youssefgg
@geist999, thanks!
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