Team, following my previous analysis, looks as if the markets are following the suggested wedge pattern, indicating a down week till 17th April overall.
Bullish Analysis
1) Short term Price momentum
2) MACD pointing upwards
3) FED intervention
4) Coronavirus peak in sight and Trumpy looking to start opening up the US economy up by 1st May (Highly speculative how this will play out)
Bearish Analysis
1) Wider wedge formation holding strong
2) RSI pointing down
3) Stoch RSI crossed over at extremely overbought level
4) First round of earnings reports due this week which most likely will support downside movement this week (How can it not right?)
5) 50% fib level rejection from last week @ 281
My guess is we see movement to 265 then start to move towards the 290 level, close the gap then we go all out to test recent lows. Would expect to have at least reached the 290 mark by end of April.
Thoughts and feedback welcome.
Bullish Analysis
1) Short term Price momentum
2) MACD pointing upwards
3) FED intervention
4) Coronavirus peak in sight and Trumpy looking to start opening up the US economy up by 1st May (Highly speculative how this will play out)
Bearish Analysis
1) Wider wedge formation holding strong
2) RSI pointing down
3) Stoch RSI crossed over at extremely overbought level
4) First round of earnings reports due this week which most likely will support downside movement this week (How can it not right?)
5) 50% fib level rejection from last week @ 281
My guess is we see movement to 265 then start to move towards the 290 level, close the gap then we go all out to test recent lows. Would expect to have at least reached the 290 mark by end of April.
Thoughts and feedback welcome.
Overall sentiment still remains, SPY heading to close the gap around 292.