OsmanDiaz
Long

Standing On the Precipice - UPDATE

AMEX:SPY   SPDR S&P 500 ETF
61 0 0
Wow did that happen fast! I had assumed SPY             would take a moderately aggressive slide from last Thursday's close, but it looks like China and the Shanghai Composite             (XGYO) really shoved it over the edge. With the large gap down at the open and sellers controlling the market for most of the morning, it looked like SPY             was doomed to close under $200.00. However, buyers regained momentum later in the afternoon and pushed it up above $201.00 by the close indicating that some of the shock from the Asian market turmoil had subsided. With that in mind, I am updating my post from Sunday and forecasting a small upward bounce towards the $202.50 range by Tuesday or Wednesday to relieve some of the downward pressure. It may continue to fill the gap left in Monday's wake, but I believe it will turn back around and head for $200.00 by the end of the week. I'm still bearish overall and I don't think the $200.00 level will be met with much resistance once SPY             turns back around. We shall see!

TECHNICAL ANALYSIS:
  • Candle: Green Hammer ( Bullish when seen during a down trend)
    Volume: Solid Buying Action (Neutral-Only turned green late in the afternoon)
    Stochastic (Slow): %D hovering around 25, %K descending, but still greater than %D (Bearish-Sellers will still have control of the market for at least a while longer)
    MACD: Histogram at 0 moving into negative territory, MACD touching (Very Bearish )
    Overall Trend: Downward-20 day EMA (Blue Line) nearing a crossover of 200 day EMA (Blue Circles) (Very Bearish )

Agree? Disagree? Any feedback is greatly appreciated! Thanks, and Happy Trading!
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out