SPY looking pretty bearish here (See Previous Charts Below)- Some FIB levels and RSI-based supply and demand zones to keep an eye on- - Bearish Butterfly Harmonic Pattern Formed - Decreasing Volume on the 4 hour, daily, and weekly timeframe - RSI in Overbought Territory
@SXTrading, and yes the labels are the wrong way round!
SpyMasterTrades
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At 1:30PM ET Wed, SPY closed below the 5 SMA support on the hourly which it hasn't done since this rip began last week. At 2:30PM ET, that support level became resistance and SPY failed to close above it. If the 5 SMA hourly is again failed at 3:30PM ET, we could see accelerating selling toward the close, with a worst-case scenario being a shooting star that closes the gap on the daily. If we close with that type of candlestick we'll likely open lower tomorrow. I'm holding my short position unless SPY breaks upwards to a new high of the day before the close. Either way this uptrend has been precarious with so many gaps occurring on smaller and smaller volume...
bmfrcompaq69
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@spy_master thanks so much for your analysis comment 🙏🏼
jacobosiason7
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@spy_master I typically don’t play intraday price action that often but you’re 100% spot on, I’m in some 11/19’ 450 puts on the SPY just as a hedge for some long positions
jacobosiason7
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**Update** - Bearish Butterfly Harmonic turned into a Bearish Crab (More Bearish Harmonic)