TradersForecast
Short

SPY analysis based on my proprietary indicators

AMEX:SPY   SPDR S&P 500 ETF TRUST
What do you do when the chart doesn't tell you a direction? You look at a lower time frame! That's what I did after the close yesterday and SPY definitely looks bearish with many lines under 0! I put this out on my telegram channel, https://t.me/TradersForecast, (where you find out for free what I trade and when I trade it). So I change my stance for today (from my undecided stance in the idea I posted yesterday) to a sell. Also, this kind of pattern (red and blue crossing 0) often indicates a reversal which may hold for a while.

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Note:
  • The analysis is base don some proprietary indicators I wrote.
  • The analysis is based on Heikin Ashi bar charts (which show the price a little different than standard candles but works better with my indicators).

DISCLAIMER: Security trading involves substantial risk of loss. My analysis is not trading advice. Do your own research first and/or consult a financial advisor. I'm not responsible for any losses you may incur following my analysis.
Comment: The marked move up and down and ended 0.20% up. I maintain my bearish outlook for tomorrow (see the SPY idea I published today) when there will be a down stroke of the purple line and more of the down movement in price I expected for today.

Comments

@farmerisland, in case you are wondering how my indicators look for today... Well, I see you follow me now so you should get this either way. Also, I changed my "handle" from adichira to TradersForecast (something I used a while back when I was trading forex and I had a group of followers and also the tradersforecast.com)--just so you know if you add me to a comment with @TradersForecast and .... I was about to say that it doesn't work anymore but I see it shows my new handle when I type in the old one. So tradingview is smart enough to know and show the new one. Great. Have a good trading day!
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