SPY Short

kylevd23 Updated   
RSI shows this has been pretty overbought, and is now slowly turning around into which I believe buyers are now selling for profits. Over the last several days, though many bulls continue to claim this will reach 220, I have yet to see price break over the high a few days ago, and it continues on its side ways range between 216-217. Ichimoku clouds can generally be a good indicator as you now see the conversion line is wanting to curl, and if it touches the baseline, this should be a clear indicator that it is in full reversal. I believe it will find support in the 209-210 area, and anything below this, we will see a larger drop in price for potential bear market. With elections coming up, it is very hard to say which way the market will sway, but if it breaks the previous highs and goes past 218, we will most likely see 220. Also, the butterfly pattern may be another indicator that this is due for a reversal.
SPY has begun its retreat so far, I still expect it to drop down to the 210 range here in the next week or so. There are a few catalysts such as dropping oil prices, BOJ, and it being overbought to begin with. Though after this drop towards the kumo, I do expect a return, how far up is still to be determined. So in all, I still remain bearish over the next week or so.
Reverse completed, took long enough, didn't see how it kept being propped up for so long, but none the less, the retrace has occurred.

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