ContraryTrader

Spy.. if we close below 445

Short
AMEX:SPY   SPDR S&P 500 ETF TRUST
That would mean a close for the first time below weekly trend line since march 2020 formation...

If we close below 445 i think we touch the 50 ma at 441. theres also fib support there also. That would place us right at the low end of the bollinger bands .

Now if you look at the upcoming economic calender you'll see that there is the job feport and retail sales on thursday 9/16.. Im thinking they tank it to the 50 ma tomorrow then rally thursday before selling off on Quad witching friday....

Also we'll be closing below the ema 21 which has only happen 4 times in the last 5months

Macd bearish
RSI has lost its support (See link)
MFI and OBV are both bearish on daily

Comments

I'm with you.

I'm anticiapting a bounce off $441, near the 50EMA.

It feels pretty certain this reverses above the previous low at $436
+1 Reply
@JebusLives Agreed. At this point its all theater.
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