carvil_

SPY on its way to .5 fib retracement level

Short
AMEX:SPY   SPDR S&P 500 ETF TRUST
After breaking out to the downside from an ascending wedge going back to late March (idea linked below), I drew another ascending channel (4H), which was breached today. RSI has also breached the ascending support line, which indicates there's more downside from here. The VIX jumped today, fast approaching 40 .

The next support levels of importance will be the .5 fib retracement level at $276.72 and then the support line since 2016 at around $260.

Sell in May and go away?

Comments

Here is to more downside but I awful saying that. I like your chart
+1 Reply
YES!!!!
+1 Reply
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