Its been a while since my last published chart. I am going to start publishing my weekly outlook on the Spy every weekend based upon Price action linear regression and TA. Please follow me to stay up to date on the market.
Last week finished on a positive move to the upside. That being said, I expect the next few weeks to be bearish. Looking at the weekly price action we have a similar set up this week as we did in May. We had two weeks of bearish movement followed by a bullish hammer. As you can see in the chart, this was followed up with two more weeks of bearish action. Typically these pullbacks have been coming in three wave moves all year, and I expect the third move down to come in the next two weeks. There is support in the 162-160 range so look for the pullback to stop in this area.
Happy trading!
Last week finished on a positive move to the upside. That being said, I expect the next few weeks to be bearish. Looking at the weekly price action we have a similar set up this week as we did in May. We had two weeks of bearish movement followed by a bullish hammer. As you can see in the chart, this was followed up with two more weeks of bearish action. Typically these pullbacks have been coming in three wave moves all year, and I expect the third move down to come in the next two weeks. There is support in the 162-160 range so look for the pullback to stop in this area.
Happy trading!