SPY weekly update

740 11
This week SPY temporarily fell below trend line but managed to close above it.The CCI (50) is still above +100 and EFI well above mid point. The EFI (21) and CCI (50) above/below mid point have been a good indication of both long term and short term trend shift on weekly frame. I have shown on this chart how you can use CCI & EFI to spot bottoms.When you have extreme readings in both CCI and EFI with significant divergence more often then not it's an indication of a bottom or top.
Are we looking at new support here at these levels? According to your chart, the answer is yes, but, what are your thoughts since seeing it all unfold. Sincerely, Beauty
nmike BitcoinMedusa
Hello Beauty, you can CLONE the top trend line and you get a nearer term support
>>>> the power of a simple trend line
>>>>> still within rising wedge and above 10 ma
>>>>> a positive move up last week , a hammer bounce right at trend line resistance and a Fib levelhttps://www.
CCI & EFI present the divergence from bottom in a very clear view. Any ideas of how a market top divergence would play out on this chart?
nmike james.manning.58
@ james.manning.58, first of all before I look for divergences I always looks at candle stick price action first. SPY candle stick price action is still bullish, we finished the week with a bullish 3 white soldiers pattern. If candle stick reversal patterns start to emerge then I look for divergences. As of this week we do have a minor divergences in CCI & EFI but NO major divergences.The first sign of a breakdown will most likely be the EFI below mid-point & CCI below +100. Take a look at this monthly chart on divergences
....no weekly reversal candle stick pattern yet
Like this cloning idea
....new high last week, no sign of a top,CCI above +100. Alright JR here's some CLONES for you .
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