S&P500 Is Close To Support!Buy!

is trading in a rising wedge
And it is now trading closer and closer to the support line
Therefore, I am expecting SPY to bounce off the support
And go higher to retest the ATH
As the buy the dip mentality works wonders on SPY lately
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I don't agee with this analysis, TA should be done as guidance and not as predictions. Many people on this site are miss using TA in terms of predicting, fundamentally this isn't how TA should be used.
+6 Reply
TopTradingSignals trader999999
@trader999999, well,I am a technical analyst and so I provided a technical vision bro!
trader999999 TopTradingSignals
@TopTradingSignals, not trying to start a war of words with you, but you are pretty far off the mark with your TA analysis, your analysis is pretty nil and pretty rudimentary.
TopTradingSignals trader999999
@trader999999, and yet i was right and you were wrong
trader999999 TopTradingSignals
@TopTradingSignals, I think you are fooling yourself, the way you go about doing TA analysis is just wrong, even a broken clock is right twice a day. Also, you are "predicting" that the S&P500 is going to top of channel, we will see if you are right, so your full TA "prediction" we have to see if you are correct or not. Not even sure if this matters, what is important is everyone reading this understand you are NOT doing TA correctly.
What about now? Do you still stand to your idea?
+5 Reply
TopTradingSignals joyfulApricot95910
+1 Reply
Bounce from here is possible however, I do not expect it to make it past 390 level. The fundamental of the market is weak and momentum is fading away! I expect lower highs from here!
+2 Reply
TopTradingSignals alitrader007
@alitrader007, the fundamental is the central banks printing money and treaasury spending
look at the charts,and compare them to the balance sheet of the fed
same pitcture lol
alitrader007 TopTradingSignals
@TopTradingSignals, I hear what you are saying, but if you look at spy's 65EMA there was a sharp bounce back from it at end of Jan and end of Feb it was almost tested and it held and today it couldn't hold anymore. Not to mention the RSI is not as strong as before. The feds can keep up the show for so long and today Powell warned about upcoming spike in inflation, meaning they want the market to cool down for now. Otherwise, he would renew faith in the market by reassure investors that interest rates wont go up! Putting all of this together, I don't think we will have as strong rebound as end of Jan. Market might rebound tomorrow and maybe a little early next week but that is it, I think we are at the initial phase of downtrend! Also both Asian and European markets have lost momentum already. I would hedge against long positions and wont be as optimistic!
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