Pattern Identified- Ascending Channel
The Ascending Channel pattern was identified on multiple timeframes to include the monthly, weekly, daily and four hour charts.
Due to recent market climate and conditions, I am neutral on SPY until the channel breaks.
Peace & Prosperity,
MrALtrades00
*Lines were used on some of the timeframes to...
Is SPY going to fall out of its ascending channel? We might see a dead cat bounce today, but factors remain uncertain about the Delta variant and how the government will respond. However, we are at the beginning of the earnings season which brings risk against going short SPY.
Los Angeles has started its mask mandate again this past weekend. 40% are unvaccinated...
Will the price break this resistance zone and end the bearish trend?
Or will price reject off this resistance and form a double top and continue hitting new lows?
Right now, we are in neutral territory until we can see clear higher highs/higher lows or lower highs/lower lows.
Fundamentally, I have a bearish bias. But when doing technical analysis, it's...
Evening Traders,
Quick Analysis on the SPY - trend is still bullish until the channel is broken.
Points to consider,
- Channel Resistance Respected
- 200 DMA Confluence
- RSI Support
- Stochastic Momentum Down
SPY is in a technical channel testing support that is in confluence with the Daily 200 MA, a bounce here is probable.
Breaking support will mean...
