Seldom you get to see my SPY chart, and the hand is shown here. A more detailed hand as the situation warrants a good understanding and effort to read too.
Summary line is that there is a retracement in play, already if you had not noticed yet. Furthermore, this retracement should last to November. Good thing is that it is still possible to be shallow, although I rather think not.
Starting with the weekly chart and candelsticks... its kinda bad for now. Last week saw a Dark Cloud Cover / Bearish Engulfing candle. And middle of this week appears to have a follow through to complete a potential three outside down.
The TD Setup already indicates a pull back is due, with the 409 level as the critical support. Primary trend is still bullish, but wait to see how (not) shallow this retracement would be. Based on the techincal indicators MACD and VolDiv, it appears that 400 is a possible target.
For now, MACD is tapering off indicating a shallow retracement, for now. The VolDiv appears more bearish, and already heads up the retacement weeks ago.
Just want to highlight the time lines... Noted the previous time lines, and the decent accuracy of the tops and bottoms correlation.
Based on this only... end August appears to be a bad time for the S&P500, and until mid-November 2023.
At this point, correlating with the VIX/VXX and bond markets, it still appears that the markets are confused into a standstill... and something might be tipping the scales to the bear side in a while later.
Looking forward...
Summary line is that there is a retracement in play, already if you had not noticed yet. Furthermore, this retracement should last to November. Good thing is that it is still possible to be shallow, although I rather think not.
Starting with the weekly chart and candelsticks... its kinda bad for now. Last week saw a Dark Cloud Cover / Bearish Engulfing candle. And middle of this week appears to have a follow through to complete a potential three outside down.
The TD Setup already indicates a pull back is due, with the 409 level as the critical support. Primary trend is still bullish, but wait to see how (not) shallow this retracement would be. Based on the techincal indicators MACD and VolDiv, it appears that 400 is a possible target.
For now, MACD is tapering off indicating a shallow retracement, for now. The VolDiv appears more bearish, and already heads up the retacement weeks ago.
Just want to highlight the time lines... Noted the previous time lines, and the decent accuracy of the tops and bottoms correlation.
Based on this only... end August appears to be a bad time for the S&P500, and until mid-November 2023.
At this point, correlating with the VIX/VXX and bond markets, it still appears that the markets are confused into a standstill... and something might be tipping the scales to the bear side in a while later.
Looking forward...
