SPY: Week of March 11

Going into next week, we could see continued pullback down to the bottom of the wedge. Its unlikely to break below and unlikely to hit PL1 because PL1 rests below the wedge. But it is possible.

Bias is still up, the wedge will break eventually, either up or down, but I wouldn't hold out hopes for a great short into next week.

Be cautious of course, but the selling isn't anything we haven't seen before, before this just takes back off up.

I do expect a bit more selling but again I do anticipate we remain in this wedge. That puts the pullback target to around 508.

High targets are within the confines of the wedge and a real possibility into next week.

As well, reference target is above the threshold and requires a bullish break.

My thoughts! very brief but its pretty straight forward imo.

Safe trades everyone and have a great rest of your weekend!

Comment:

SO far going according to plan,

SPY printing a continuation up pattern on the 1 hour chart.

Within the levels you can see in the main chart above we have taken out PH1 and PH3 is the top of the wedge:

So you know what to do ;).

Comment:

Hey everyone,

Pretty crummy PA past couple of days on everything.

Tomorrow is looking bullish for SPY, but its likely not going to be the result of tech.
NVDA (which is really all I am tracking at this point tech wise) is pretty bearish looking but SPY is really bullish looking (lots of bullish readings).

It may stagnate early in the morning while NVDA probably tanks, but then it should collect itself and goes up.

My thoughts!

Safe trades and enjoy the rest of your weekend!

Comment:

Kind of disappointing, we didn't get the bullishness I was expecting.
SPY has broken down from the wedge so this is pretty bad.

I will look at the charts over the weekend and post a new idea.

Have a great weekend everyone! Happy st. patty's day! (Maybe only in Canada not sure!)