gowithetf
Short

SPY Monthly Chart - Testing 23% Fibonacci Level

AMEX:SPY   SPDR S&P 500
spy
The monthly chart of the SPY             has a few indications that we may be in a correction that is more than just a short term one. I dont't think we can say we are in a bear market with the price below 2 of the averages but only 1 of the average in a downward slope but it is safe to say we are close.

- Lower highs and lower lows
- The 8EMA has crossed the 21
- The price action is testing the 23.6% Finonacci level

I would expect in the short a either:
- Rally up and test the 8 and 21 EMA averages
- A plunge below the 23.6% level with the next resistance levels at 50 EMA average and then the 38.2% finonacci level

I originally published this chart a few months ago.

EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out