AMEX:SPY April 24, 2024
15 Minutes.
SPY has managed to hold 493 levels.
50-day average in daily.
in 15 minutes forming HH HL pattern.
Moving averages are getting sorted out.
For the day holding 501-502 levels, for the rise 498.91 to 506.09 uptrend in intact.
So, on downside 500 is a crucial level to hold.
On upside resistance is around 509-510 levels as it...
SPY is getting oversold on the 4hour and 1 day charts, we are almost at the bottom of cloud support and Fibonacci support bounce targets are $511 and $517 before resuming downtrend.
The chart posted is that of the spy in which I posted back in March I have NOT changed the labeling as it was correct .We are at the end of wave A down and should see a rather sharp ABC rally back up to a min of 5150 and then a pullback followed by the last wave up I do think it can reach as high as 5330 this is the alt to my 5261. We are now one of the...
So, for anyone who likes to watch certain movements.
A big one is about to occur.
A rejection from this break is the covid drop. about 30% and some.
However, the end of the cycle, if you believe in those kind of things, would be a 100% retrace of the impulse with a little extra on the downside, which closes all gaps, I believe.
That takes us down below 200.
It...
I want to start off With DJI, NYA, IWM, XLF, And XLV. Those indexes and sectors are more cylicals and they led the slide this week.
DJI (Dow jones)
37,800 is previous resistance of the bullflag.. 37,800 will now be support. I think we dead cat here before eventually sliding to 37,000.
37,000 is crucial for bulls to hold, its the previous ATH set from ...
AMEX:SPY getting spicy here, looks like a triple top for now headed into a lot of world news, ie Iran/Israel/Biden ... I think we've been overdue for a correction, this is a VERY solid base to start a downtrend and fill some gaps before heading back up for Trump Presidency... Buy the rumor stuff...
No positions, will look for continuation tomorrow...
- Prof
Last week I just did a longer timeframe update.
I am going to continue with the larger timeframe as the focus but will also give the shorter timeframe levels for next week.
You can see we've just chilled below the 3 month threshold for far too long. It's 504 on the horizon, that's for sure.
We will likely snag a bit lower, because I didn't realize there was...
Welcome to spy weekly. I have discussed the price action in the best logical way possible. If you have any doubts, feel g=free to shoot a message.
NOTE:FOCUS ON PRICE ACTION
If you haven't already purchased SPY after the 2023 forecast: forecast:https://www.tradingview.com/chart/idea/l6U1M9dJ/
then it's important to be aware that there's a significant bearish divergence in the RSI of SPY, the S&P 500 ETF, which initiated at $469.
Anticipating a technical retracement to $495, given its prolonged period of being overbought!
Like shown on the chart. Spy can continue downtrend in 4 ways. Since rsi is oversold. Just be patient and wait for price action on each level. Whenever spy reaches those level on higher timeframe switch to 5 mins timeframe and wait for price to atleast break nearest demand zone for downtrend continuation.
The gap zone from the Island Pattern earlier this year seems interesting because 510-505 are less thoroughly traded so far this year and will likely be the area we return to when this pullback is done. Bearish price action is all but confirmed, but can we expect an elevator down first thing on Monday?
Actually, it was difficult to get the gasp of using Elliot Wave on this kind of chart because it didn't work like usually do
On H4 t.f., three Elliot Wave finished. ABC correction finish. A to B of second ABC is in process.
I use fibonnacci from peak 2 to peak 0 and start with the level 0.50% to have a better idea of where the fifth peak will be. It should...
Today looks to be a fight to stay above $500 for $SPY. Starting to see some consolidation in these areas. If AMEX:SPY can avoid a pit fall for the rest of the day, Calls will be on the menu. Nice simple and quick play. RSI already at 30.
