$SPY Remained Bearish Trend, If break down 280 then 276 and 267
Continuous weakness for RSI -MFI -Stochastic .. end with engulf bearish candle on Friday with huge volume almost equal to all last week trading .. Now 280 will be taken with high chance then after that can bounce to 286 then back to drop or continue drop to 276 then 267 Also weekly chart showing other 2-3 weeks of decline . check previous analysis as i recommended short SPY since 302 and now we can see almost around 6% drop from the top ..if this is correction then we talk about 10% (270) if this collapse as bear market then around 15-20% which mean area between 240-260 .. The only thing that confuse this scenario that market still highly affected with headlines coming from US-CHINA and can expect very high volatility on coming weeks. in case of strong bounce then cthe confiermation will be close above 288 for at least 3 days then we can cancel this scenario.. otherwise its deeep bearish trend.. regards and thanks for reading
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