Consolidation of price - weekly chart analyses
On the weekly candle, we got two irregular Doji candles that could indicate indecision in the market. It's often happened we will get another one but with an upper shadow this week. Meaning, we could start the week pretty bullish but end the week down. That would form a bearish opportunity for the rest of the month.
In the last 2 weeks SPY has had lower volume possibly due to the holiday but anyway lower volume indicates consolidation on this level.
RSI is in a neutral position.
MACD histogram tick is lowering while the MACD line wants to go below the signal line which could bring a lower price of SPY.
Overall: we could see another week of consolidation of the price but this time with an upper shadow. Both 8 and 20 weeks MA is at 387 area and if SPY close a week above it could open space for further rise towards the falling trend line (the blue one) and falling 500 weeks MA.
On the other side, support is at 365 area where is BigRed (200 MA). I can assess we will consolidate between BigRed and 20 weeks MA for some time. A strong close below BigRed would indicate a continuation of a fall in price.
In the last 2 weeks SPY has had lower volume possibly due to the holiday but anyway lower volume indicates consolidation on this level.
RSI is in a neutral position.
MACD histogram tick is lowering while the MACD line wants to go below the signal line which could bring a lower price of SPY.
Overall: we could see another week of consolidation of the price but this time with an upper shadow. Both 8 and 20 weeks MA is at 387 area and if SPY close a week above it could open space for further rise towards the falling trend line (the blue one) and falling 500 weeks MA.
On the other side, support is at 365 area where is BigRed (200 MA). I can assess we will consolidate between BigRed and 20 weeks MA for some time. A strong close below BigRed would indicate a continuation of a fall in price.
Consistency is the key of success....