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.
- 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!