Welcome back traders! Once again, here on the one hour chart of the SPY and oh wow, would you look at that, we can see a clear REJECTION of the blue box that I had set up since last week! Just like I mentioned yesterday it's having a difficult time in that zone, so that's a key zone to keep an eye on. Our MACD has made a clear bearish cross already since early morning thus further proving the point of that area. It looks like it's shooting to tap the bottom of that descending triangle I have there so we'll see how that goes, falling below and we still have that final point of support there at the bottom. Simple and straight to the point...so as always, good luck and safe trading, till the next one!
oh, and shout out to the guy yesterday who told me "That's clearly a bullish Ichimoku chart". Doesn't look so bullish right now does it?
I wouldn't call full on bullish or bearish honestly until I see a break on the 4 hour chart of the bottom resistance or top trend line, then I'd go for a long run.
oh, and shout out to the guy yesterday who told me "That's clearly a bullish Ichimoku chart". Doesn't look so bullish right now does it?
I wouldn't call full on bullish or bearish honestly until I see a break on the 4 hour chart of the bottom resistance or top trend line, then I'd go for a long run.