DerekD_

$SPY - Definitely bullish

Long
AMEX:SPY   SPDR S&P 500 ETF TRUST
Nothing really too technical at all I can get into with this one (not a big fan of hourly charts for LT price action) but, @ this point I couldn't see any other pattern but a wedge up / busted bear 3 drives pattern. Currently @ the re-trace so unless anyone sees a break of $268? I'm not sure where everyone else thinks this is going lol. I've seen this setup a number of times ($TRIP, $UA, $M, etc., Intra-day, not hourly) where 180WMA is finally over 789WMA almost like a regime change. Price action after the crossover - great, but not too great for long before it loses almost all of its gains of price since it crossed above 789WMA. Eventually, balances itself back out in a continuation. Long story short, BTFD. Just me tho lol

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.