$SPY is nearing a top. Price levels to watch on the way down Short

SPDR S&P 500 ETF TRUSTArca

Description

⋅ Aug 2, 2021 3:01 PM

After a 100%+ run during a pandemic, I think we're finally nearing a top in the stock market... How low will we go is the real question?

I've marked some important levels and dates to watch on the way down. Let's see how far we drop.

Comment

⋅ Sep 20, 2021 5:22 PM

Right on time

Comments

sk12722

⋅ Aug 3, 2021 10:54 AM

Hi....Thanks for sharing....as I understand the forecast is ~340ish by 27th Sep 21 ...is this interpretation correct ? Also can you clarify what first weekly pivot implies here ? Thanks and regards

benjihyam

⋅ Aug 3, 2021 11:27 AM

@sk12722, no that’s not correct. A pivot is a change in direction of price. Price would start to decline after the week of September 27th and can stop at any of those support levels on the way down. If one level breaks, it’s likely to hit the next one. The next pivots would change the direction back up

sk12722

⋅ Aug 4, 2021 6:35 AM

@benjihyam, Thanks for the explanation....Regards

samitrading

⋅ Aug 2, 2021 5:05 PM

Nice work buddy, we need a catalyst to have any reasonable pullback otherwise bulls ,IMO, still in total control of this market.

benjihyam

⋅ Aug 2, 2021 5:59 PM

@samitrading, the first weekly pivot is in September. That's why I said "nearing a top." I don't see a change in direction of the trend until then.