Spy Weekly Outlook: Bearish

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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!
Ape angrybear168
Missed target by .6 % I locked in profits on my weekly put options and gained 237% :)
from your recent performance, no way your calls are 75% winners
stop agreeing with ideas that has been proven good and disagree with ideas that has been proven bad. wtf is the point of agreeing with sth if u already know the result
Angrybear, care to explain why I am totally wrong? I would appreciate an explanation since I got a thumbs down from you.
Kevin, Middle line of a linear regression channel is not by any means support or a buy zone. It simply represents where prices will gravitate towards and determines trend. As for my MA line... Complete mistake in leaving it there. I do not use MA in trading. Reason being it is so easy to manipulate. I can make it a 50 ma and the price will be no where near it.
totally wrong spy going back up uptrend resumes
Support on ur middle line. Close above ur MA. Judging from ur chart, it looks more like a rebound.
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