OrnusOfficial

My Big Picture View of Spy

Short
AMEX:SPY   SPDR S&P 500 ETF TRUST
SPY has formed a massive H&S Pattern. Slanting the neckline and using a parallel line on the lower end to estimate a possible bottom for the incoming bear market movement, the target bottom is around $230. If the price breaks below here with strong sell volume, the next major support would be down at $210. Since the past downtrends have moved much faster than their previous respective uptrend, it is possible we see a fast break down, hitting the $230 level by early September of this year. However since the initial uptrend of the H&S Pattern was a rather slower ascending uptrend, its likely we see a slower move down on the right side of the pattern delaying the drop towards $230 until the end of January 2020. The weekly MACD has just begun its crossover into a bearish formation which lines with the future move down towards $230. The RSI is on a downtrend and looks like it could fall back to 30 which is where the RSI fell to back during the December crash before bouncing back up. Overall, the big picture price move for SPY for the remainder of this year looks very bearish with a drop towards $210-230 range.
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