Basis the late October low, the RSquared for the SPY is .945. Has gone pretty much straight up from .84. If we get a print of 507 by Wednesday that would be a lower RSquared and perhaps indicative of a proper, possibly severe, break. This can also be seen as a 4:1 containment ratio basis early November. Either way, untenable. Should be an interesting week.
The green channel is the daily channel on spy and the blue channel is the weekly channel, spy has hit weekly channel resistance around 414, if it gets rejected there and if we break out of the daily channel to the downside, we can trade lower to support around 490. The trend has been getting weaker, the last couple of weeks, a break of a green channel will be a...
🔴 Resistance - 516 🔴
🚀 Target - 517 - 519 🚀
🟢 Support - 514 🟢
🚀 Target - 513 - 511 🚀
🚫 Manage Your Risk & Reward As Per Your Risk Management 🚫
🔥🔥 Levels Works Best on 5 - 15 Minutes Time Frame 🔥🔥
❤️❤️ MARKET SECRET ❤️❤️👇
1. TRADE WHAT YOU SEE NOT WHAT YOU ASSUME
2. FOLLOW THE TREND BECAUSE TREND IS YOUR ONLY FRIEND
3. CHART IS SUPREME
4. YOUR ASSUMPTION &...
Bulls have finished last week with a spectacular rally. It was quite clear that they were taking some rest before a run but even I was surprised by their Friday achievements (see )
The outlook for this week is easily defined: BULLS, BULLS, BULLS. The daily chart looks great (daily uptrend, new high), there is absolutely no warning signals on lower timeframe (last...
The rising wedge pattern is one of the numerous tools in technical analysis, often signaling a potential move in the asset or broader market. Recognizing this pattern involves identifying a narrowing range of prices enclosed by two upward-sloping trendlines that converge over time.
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Utilizing additional technical analysis indicators for validation and employing...
AMEX:SPY March 8, 2024.
15 Minutes.
AMEX:SPY opened with a gap. I closed around 514.2 levels.
AMEX:SPY ended the day with support multiple times on the top rectangle box drawn around 514 levels.
Considering the rise of 508.52 to 515.89 holding 512 levels uptrend continues.
Also due to the gap and holding 514 levels the oscillator also made a high along...
Spy continues to push higher high's and is currently consolidating after relentless buying.
No bias, just level to level.
-Keep in mind she has been respecting the 50 MA on the hourly charts.
AMEX:SPY March 7, 2024
15 Minutes.
The gap at open to 510 levels did not allow for a short.
AMEX:SPY taking support on 200 averages and is consolidating for a move.
The moving averages have converged at close.
So holding 508 levels I expect an upward push today towards 513-514 levels.
The stochastics which had a black bar at the bottom have now...
With a containment MA of about 4:1, it's really time for SPY to take a breather. We will see if the numbers of the next 2 days are the catalyst. We will see how far and fast the break is.
There is momentum at the moment. :-)
Thus it may be done with it and no major correction downward will follow before the rise may resume.
And outbreak at the top of the range may make it clear. Stops are essential.
