SPY hitting a critical resistance zone on declining volume.
SPY has been on a run since it tested its 200 weekly moving average back in December, but the rally may soon be over. This rally has been on declining volume (this basically means volume isn't confirming this rally, which indicates a bearish divergence, as the price is rising, but the volume is declining), and the weekly Stochastic appears to be preparing for a turn to the downside. We are also at a previous resistance level which has rejected the price several times in the past. To me, it looks like a correction/pull-back is in the cards.
Moving average guide (All weekly moving averages for this post):
10 MA in Orange
20 MA in Pink
50 MA in Green
100 MA in Yellow
200 MA in Red
-This is not financial advice. Always do your own research and own due-diligence before investing and trading, as for investing and trading comes with high amounts of risk.
Moving average guide (All weekly moving averages for this post):
10 MA in Orange
20 MA in Pink
50 MA in Green
100 MA in Yellow
200 MA in Red
-This is not financial advice. Always do your own research and own due-diligence before investing and trading, as for investing and trading comes with high amounts of risk.