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carvil_
Apr 21, 2020 3:07 PM

SPY break to the downside of the rising wedge - next levels 

AMEX:SPY1D
SPDR S&P 500 ETF TRUSTArca

Description

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SPY's rising wedge is not broken, more downside ahead.

The next levels to consider are:
  • fib retracement level 0.382 at $264.31
  • then, a major support line in play since 2016 at around $258
  • finally, another fib retracement level 0.236 at $246.65
Trend AnalysisChart PatternsTechnical IndicatorsSPDR S&P 500 ETF (SPY)
Comments
Gamblerman
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Too many puts are being bought. Too much bearish sentiment. But once back up another huge drop.
Gamblerman
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Head-fake. Back to old highs.
carvil_
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@Gamblerman, it's struggling to go past 278, so not sure it's a fake break... Let's see, anything below 282 is still bearish at this point (and below the rising wedge). I wish we would go back to ATH, but given the state of the economies worldwide, I just can't see it happening anytime soon :(
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