The #SPY has been in a downtrend since the high of Aug 16, but has been getting some nice bounces this week.
Things to note on the 4HR TF:
- price broke back into BF channel and is holding the 9SMA as support
- attempted to break above 100/21SMAs but failed so far (stay tuned)
- looking at a possible bullish cross of 100 above 200SMA by EOD
- 9SMA turning up, if crosses 21 could signify bullish continuation
Remember, these relief rallies are to be expected. This action does not change my LT thesis, but as a swing-trader, I obviously trade both the bullish and bearish moves.
I will provide my bull targets in the next post looking at the daily TF.
Things to note on the 4HR TF:
- price broke back into BF channel and is holding the 9SMA as support
- attempted to break above 100/21SMAs but failed so far (stay tuned)
- looking at a possible bullish cross of 100 above 200SMA by EOD
- 9SMA turning up, if crosses 21 could signify bullish continuation
Remember, these relief rallies are to be expected. This action does not change my LT thesis, but as a swing-trader, I obviously trade both the bullish and bearish moves.
I will provide my bull targets in the next post looking at the daily TF.