Monthly rsquared basis the 2009 low topped last month at .936 and has ebbed slightly since. From this level a declining rsquared is definitely something to take note of. Similar levels and behavior in 2000 and 2008 rsquared topping at .97 and .95. Basis the November low, daily rsquared is 0.95048. This is a very slight dip from Thursday. But again a dip of...
✅SPY was trading along The rising support line But now we are seeing A breakout via the gap And the price closed the Weekly candle below The support so we are Now bearish biased and We will be expecting A further move down SHORT🔥 ✅Like and subscribe to never miss a new idea!✅
Remember that we can not, and should not impose our will on the market but rather listen to its whims and make profit by following it. And thus shall be done today on the SPY pair which is likely to be pushed up by the bulls so we will buy! ❤️ Please, support our work with like & comment! ❤️
As I've drawn on this chart, we have seen 2 days of high volume down days and there is a breaking of the trend line on Friday. I expect the coming week to see a wave 3 down move that will minimally see SPY at 498.
A look at the daily chart will help support my last post. You have the MACD divergence, the trend breakdown, the volume spike... nothing about this looks bullish to me. If anyone has a different outlook I'd love to hear it. If I'm not seeing something, please let me know.
Bearish MACD divergence continuing to play out with a breakdown of wedge trend line. We saw the 508 target get hit today and still face layers of resistance overhead (512ish-515ish-518ATH) ....AND there is a gap still to be filled below (501ish-497ish). If we're going to make another respectable run at ATH then we need to fill the gap and let this MACD divergence...
Going into next week, we could see continued pullback down to the bottom of the wedge. Its unlikely to break below and unlikely to hit PL1 because PL1 rests below the wedge. But it is possible. Bias is still up, the wedge will break eventually, either up or down, but I wouldn't hold out hopes for a great short into next week. Be cautious of course, but the...
The S&P 500 SPY ETF broke below its rising uptrend. The RSI is indicating a bearish divergence and also broke below support. Caution is warranted!
I think this week the 20sma will be tested on indexes and major stocks alike.. With the spy i expect a test of 505 early this week.. 505 is gap supoort from NVDA earnings and also the 20sma.. if spy breaks that support, 500 then 494 is next up. I like to take my correction 1 moving average at a time.. 494 will be close to the 50sma. If we bounce off 505 the...
Expecting a recovery from the 500/505 range Despite potential downward pressure, SPY's robust trend is poised to persist. Should prices dip into the 500-505 range, There's a strong probability of a rebound toward the 512-517 range.
Seems like a lotta stuck in the red longs on this gap down that needs to be resolved. If market doesn't recover going to be first red week in a long time.
SPY is in a huge bearish rising wedge which will be broken sooner or later. The more it go inside of the pattern the more drop will be stronger. SPY's bearish divergences on RSI and MACD indicate drop is almost certain
The last week kicked off with bears challenging the previous week's low (505), coming close to success. Bulls stepped in, mounting a strong defense and steering prices back to a historical high. It might have been a convincing victory if only they could have sustained it until Friday's closure, but that didn't materialize. Friday concluded on a bearish note,...
AMEX:SPY March 15, 2024 Minutes. The open bar gave a clue. Gap up. Close near the low of the bar. So sell. With SL as high of bar + few cents. The reason is my target was approximately 518-519 levels. gain NYSE:S to Y retraced to 61.8% of the retracement for the rise from 508.5 to 517.28. we have many long bars in the fall 517.28 to 511.83. I prefer to...
AMEX:SPY is looking at a possible wedge breakdown with a bearish MACD divergence and heavily stacked overhead resistance levels. 3/15/24 Bearish EOD targets 512.03, 508.98, 505.91
Well there was selling in the SPY today but the day traders bought it back up in the afternoon. I suspect though we are not done. .95 on the rsquared. A 509 close on the SPY would result in a lower rsquared. Happy PI Day! Tomorrow is the Ides. We will see if the market ends up like Caesar.
Spy has been trading in an ascending triangle since Feb 23. The market will get more volatile once we breakout of the triangle. A break to the dwownside can see us fill the gap above 497 before making new highs