An inverted that if confirmed would be give a price target just above 197 is worth watching. Also we have a gap below 197 that would be filled with this move. And finally 197.10 are is a 50% retrace of the recent down move from the ATH's. This area also represent the price range in which price broke down from for the move Wed/Thu. If SPY reaches this area i would expect some resistance around 197.
Was just looking at the possible descending broadening wedge on the spy last night. One scenario I think is a move back down inside the wedge next for bottom possible near august lows. Could set up for a large 191 to 198 move late oct. But watching the potential test of trend line near 197 for now.
Inverted H&S played out beautifully. The bounce off from yesterday's lows was pretty impressive. Today ES broke out of the descending channel it was in (hourly chart) for 2-3 weeks. On the 15 mins, looks like it's still inside that falling wedge...interesting to see how it's gonna resolve but yesterday's and today's action have been pretty bullish so I'm keeping a bullish bias. What do you reckon?
Yes it did. I bailed before 197 when spy stalled at 196.75 but still great. For next week...before the bottom occurred I was more interested in what the bounce would look like as a tell of whether the market is changing. We were oversold and the bounce was likely due whether a new low is coming or not. Mon/tue may give us a better clue. I'm watching that downtrend line as well...see if spy can break and close above.