The Hazel Heritage Screener alerted me that this week was going to be a bearish one.
Last week we saw
SPY
reach the untested pivot high of $411.73, which you can see from the solid red lines almost every time we reach a pivot high that has not been tested yet, there is resistance.
In addition to that, SPY bounced perfectly off of the top of the downtrend that was started at the beginning of the year (dashed line).
The last time we saw a combination of those two factors was the week of August 15th and it ended up having a significant drop afterwards.
The Hazel Heritage screener shows me all the symbols in my watchlist which had that same combination happen last week and there you will see SPY, along with GOOGL,
SHOP
, &
META
So with all that being said, I was bearish on SPY this week, anticipating a continuation of the downtrend for the year
Last week we saw
SPY
reach the untested pivot high of $411.73, which you can see from the solid red lines almost every time we reach a pivot high that has not been tested yet, there is resistance. In addition to that, SPY bounced perfectly off of the top of the downtrend that was started at the beginning of the year (dashed line).
The last time we saw a combination of those two factors was the week of August 15th and it ended up having a significant drop afterwards.
The Hazel Heritage screener shows me all the symbols in my watchlist which had that same combination happen last week and there you will see SPY, along with GOOGL,
SHOP
, &
META
So with all that being said, I was bearish on SPY this week, anticipating a continuation of the downtrend for the year
Comment:
We got that same combination last week are in for another drop this week!
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