MagicPoopCannon

This is What Legends R Made Of! Epic Analysis! S&P500 (SPY)

AMEX:SPY   SPDR S&P 500
Hi friends! Welcome to this update analysis on the S&P 500             , via the SPY             ETF! Let's get right to it! Looking at the daily chart , you can see that the bears have delt a critical blow to this market, closing below the black uptrend channel , and the 200 EMA (in purple.) If you recall from my last post, I said "based on the technical indications, I think there is a higher probability that the market will break down from here, bringing a long overdue correction to the stock market. I realize that this is a bold statement, considering the power and incredible duration of this uptrend channel , which we are still inside of. However, the technical data suggests that a breakdown is likely upon us."

And just like that, the very next session produces the first breakdown close below the channel. Unbelievable! Technical analysis is the greatest tool of investing, by far! This channel originated in February of 2016. To be able to pinpoint the time that it would break down, is an extremely valuable gift indeed.

Now that we've closed below the 200 EMA (in purple) and the bottom of the uptrend channel , the path is clear for some major destruction to occur. As I said in my last post, I believe that we are in the process of creating a new downtrend channel (in pink.) With that said, the selling should continue, but may find support at the bottom of the pink channel. The general target area is around 240.

I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! I'm outta here!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-Magic loves you-

-JD-
update?
+3 Reply
Why can't SPY bounce off the trend channel and make it's way to new all time highs?
+1 Reply
Lezz bigfry
@bigfry, Finally.. A brain.. Give that man a Bells..
+2 Reply
Just Wondering where's your stop??
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makes more sense to take the long:
+1 Reply
JonathanKrier JonathanKrier
@JonathanKrier, right is the US02Y-US30Y (Yield inversion). right is the current daily on SPX.

play the dead cat bounce, this is likely a bottom (short term? or maybe long term?). you'll find a much better place to sell in a couple days.
Reply
Yes, Like the chart. Look out for a possible breakout in volatility.

Reply
God-like! Been following for months, damn accurate as always!
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Hi....any idea about verge coin?
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pedro17 BAHUBALI001
@BAHUBALI001, you could* buy now..dump on the 16th when the Major Partnership fizzle's out, or maybe it's real either way its up 30 % last 24hrs
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