OsmanDiaz
Short

How Low Can We Go?

AMEX:SPY   SPDR S&P 500 ETF
58 0 0
This has been an incredible week for the markets in general and SPY             was certainly not left out. After the steep declines that we saw last week, I think traders will be looking for some relief from the downward pressure. That being said, we might see some accumulation at the start of the week and perhaps even a bounce back up to $194.00 on Monday or Tuesday. However, the pressure from the Chinese market turmoil as well as the new lows being created in the oil             futures still leaves me bearish overall and I think we will see a retest of $187.50 by the end of the week.

TECHNICAL ANALYSIS:
  • Candlestick: Solid Red Candle ( Bearish )
  • Volume: Solid Red (Bearish-Sellers still control market)
  • Stochastic: Both %D and %K nearing zero, about to cross. May see sustained oversold conditions. (Neutral to Bullish )
  • MACD: Histogram still negative, moving towards -2 range. Signal still overhead ( Bearish )
  • General Trend: Downward

Agree? Disagree? Any feedback is greatly appreciated! Thanks, and Happy Trading!

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