SPY weekly chart currently in a up trend & starting to change character. It recently created a LL & LH. It then continued lower bounced off 426.5 + 50MA + trend line, & rejected the LH @ 437.5.
RSI approached 50 level after creating lower low. SPY could go up or down.
MACD losing sell momentum, but trending down.
Prediction:
Daily chart Sitting between a 50MA(W) & 100MA(D)
Price could continue either way, considering there are trend lines in both directions.
Continuation up: will have to hold 431.5 and bounce. will then have to break & hold above 437.35 level. will then have room into 445.
Continuation down: will have to B&R below 431.5. another break and hold below 426 - 423 level + 200MA(D) + 50MA(W). will then have room down into 420
Watch 426 level as well possible bounce here off of 200MA, Trend line, & key weekly level
RSI approached 50 level after creating lower low. SPY could go up or down.
MACD losing sell momentum, but trending down.
Prediction:
Daily chart Sitting between a 50MA(W) & 100MA(D)
Price could continue either way, considering there are trend lines in both directions.
Continuation up: will have to hold 431.5 and bounce. will then have to break & hold above 437.35 level. will then have room into 445.
Continuation down: will have to B&R below 431.5. another break and hold below 426 - 423 level + 200MA(D) + 50MA(W). will then have room down into 420
Watch 426 level as well possible bounce here off of 200MA, Trend line, & key weekly level