RSI indicator showing that SPY is oversold on the 30 MIN to 3H chart. We should see a bounce back to $465 to max. $470 before making another correction.
again i'm convinced that rsi is a bullshuit indicator
WorldEconomics
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We have more to go. MACD is bearish for the S&P
hihi123456
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the max of $465 to $470 is based on the fib .702 retracement level?
hihi123456
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what maakes you believe 465-470 is to be max, and lets say it is, the correction will be shortlived and soon the 475 be surpassed upwards.
kimstandgraph
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Good!
FJustinone
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well done. good job
DaddySawbucks
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rsi can go OS and remain there. this is impulsive motive wave, expect a weak retracement and a deeper sell soon. the larger retracement you suggest likely in 2-3 weeks, unless Rus invades Ukr.
alwaysinlearningmode
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If you are basing your trades on RSI, then I can only say "Best of luck" as you will definitely need it.
Original_Stock_Whisperer
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@alwaysinlearningmode, I am very impressed with that response. RSI is one indicator I do like but yeah, its not something to base things off of. I wonder what that RSI said on CAR when it went from $8 to $500. Plus this guy is just a gap chaser. Pretty funny. Look at his prior posts.
ViciousNeutral
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In general I agree, but looking at how the RSI tends to consistently indicate bullish bounces on SPY it’s not hard to blame someone for thinking it will happen again. Guess we will find out soon