Bulls remain in full control, I'm bullish until the 4hr trends change but I'm cautious as a bull given how extended we are on the daily and weekly charts. Make sure to watch my SPY video, already published, for a much more detailed longer term look
The oversold bounce is real and bulls have changed the daily trends to their favour, but the weekly trends have yet to change. Here's what I'm looking for heading into next week - We have tight ranges on SPY, Tech and Financial sectors and the breaks of these ranges will give us clues for what to expect this coming week
Lowest close on the S&P500 in 15 months as very key weekly support levels were broken today. We're now staring down at the low of the February dump as my line in the sand for the bulls.
Potential hourly bear flag setups tomorrow in SPY, QQQ and XLF. Low of today will be key support for tomorrow
Checking in on SPY, QQQ and XLF. SPY and tech sectors looking to test recent weekly supports, meanwhile the financial sector lost that support today and has only the low of October left. In my opinion these supports are must hold levels for the market and the two largest sectors in the S&P500
SPY closed at the low of the week with only the low of October 259.85 as support, and we are likely to test that level first thing next week. It's clear the MA20 on every timeframe is important for SPY, and both the tech and financial sectors and this has been rejecting every bounce attempt on every timeframe so far. Bears have the momentum on every timeframe;...