OsmanDiaz
Short

New Year, New Lows

AMEX:SPY   SPDR S&P 500
This is my first published "idea" to TradingView so bear with me as I tend to get a little wordy. As I see it, the end of the year is almost always volatile and this will be especially so with the shortened week. Also, fund managers are going to be keen on cashing out before the tax year end to help lock in any profits, boost their bottom line, and keep any mark-to-market unrealized gains/losses off their books. That being said, I believe there will be a sell off to retest that all-important $200.00 mark by Thursday, December 31.

TECHNICAL ANALYSIS:
  • Candlestick: Doji-Bearish (Formed at the apex of an upswing)
  • Volume: Increased Selling
  • Gaps: Lower-Open gap near $204.75 (Will look for this to fill on Monday or Tuesday at the latest)
  • Trend: Downward ( Bearish ) - Seeing lower highs and lower lows
  • EMA: Nearing Death Cross (20 Day EMA nearing 200 Day EMA )

Agree? Disagree? Let me know what you think! Happy Trading!


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