TURNING POINT FOR $SPY??Today looks to be a fight to stay above $500 for $SPY. Starting to see some consolidation in these areas. If AMEX:SPY can avoid a pit fall for the rest of the day, Calls will be on the menu. Nice simple and quick play. RSI already at 30.Longby The_SPY_Who_Shagged_MeUpdated 5
SPY MARKET CRASH! 250 PRICE TARGET? I hope you guys enjoyed the video! Feel free to comment down below if you have any questions!10:01by financialhour1
SPY - blood bath is coming?I will be very surprised if we don't see some serious sell-offs throughout the market in the coming days The chart and the volume are... impressive.Shortby AnaBloemkoolUpdated 448
SPY IDEA ELECTION YEAR 2024AMEX:SPY Trading in this rising wedge since October. The wedge reaches it's apex near 510 level. SPY likely to peak at 510 area for a retrace to 451-456. If that falls then 436 and 420 likely follow. by Jovan888Updated 115
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$SPY April 19 2024AMEX:SPY April 19 2024 Strength is only above 515+- at the moment. Today 497 should break and probably AMEX:SPY will touch 4892no 94 levels being 100 average in the daily. In 15 minutes we have 100 averages at 504 and 200 averages at 50 levels. Both will be resisted at least once. For the day I will go short around 502 levels on a gap up or below 497 on a gap down. Provided the opening is around those levels and close of the bar near the low so can have the high of the bar a SL. Bias. Downside towards 492 levels. At the moment holding 492 +- 2 level is very important. Shortby RiderTrader663
Spy trade tomorrow3 scenarios as describe in the picture to reach next support around 494. If breaks 506 then downtrend over for now.Shortby anupsiwakoti223
SPY bearish (pitchfork analysis)SPY continued up more than I expected but now there are multiple bearish pitchfork signs on the weekly chart.Shortby TradersForecast1
Technical Analysis for SPYas of Latest Market Data.The SPDR S&P 500 ETF Trust (SPY) exhibits signs of bearish momentum, underpinned by several technical indicators and recent price action. The ETF has breached crucial support levels, auguring a potential continuation of the downtrend. Recent Price Action: The latest candlestick pattern on the daily chart suggests indecision, characterized by a small body and shadows, indicating a tug-of-war between bulls and bears. The close below the Ichimoku cloud indicates a bearish outlook, as price action moves below both the conversion line (509.94) and the base line (511.87), reinforcing the bearish sentiment. Volume and Volatility: Trading volumes show a notable increase on down days, hinting at a bearish conviction among market participants. Volatility could be on the rise, considering the broader market context and geopolitical tensions. Technical Indicators: Ichimoku Cloud: The price has closed below the Ichimoku Cloud, suggesting a bearish trend. The lagging span is also below the price and cloud, further confirming the bearish sentiment. Fibonacci Retracement: The price has descended below the 61.8% retracement level (480.34), which often acts as a critical support in bullish scenarios. This breakdown could lead to price targets at the next Fibonacci level of 50% (466.76) or even the 38.2% (453.17) in the medium term. Relative Strength Index (RSI): The RSI hovers near the 35 mark, which is above the oversold territory but indicates significant bearish momentum. Should it breach the oversold threshold, we could anticipate a potential, albeit temporary, reversal. Moving Average Convergence Divergence (MACD): The MACD line remains below the signal line and has expanded its divergence, confirming bearish momentum. The histogram's increasing bearish bars further support this outlook. Stochastic Oscillator: The Stochastic is in the oversold region, suggesting that the market may be due for a relief rally. However, without a bullish crossover, this indicator alone is not enough to confirm a reversal. On-Balance Volume (OBV): The OBV line's downward slope suggests that selling pressure is dominant, with volume on down days outpacing volume on up days. Price Targets and Speculative Outlook: Given the confluence of bearish signals, the immediate price target for SPY lies around the 50% Fibonacci level at 466.76, with a potential stretch to the 38.2% level at 453.17. Any reversals need to reclaim the cloud and base line on the Ichimoku to negate this bearish thesis. Bulls would need to induce a significant volume spike and a close above the Ichimoku cloud to shift the current sentiment. Risk Factors: Traders should be cognizant of external market influences and macroeconomic data releases that could inject volatility into the markets. Additionally, any sudden shifts in sentiment due to policy changes or geopolitical developments could result in swift price reversals.by AxiomEx2
SPY persists with bullish bias LONGSPY on a daily chart shows rising VWAP lines and price with the RSI indicator showing strength above 50 since November and presently in the 65 range and so not yet overbought. Volumes are near to the running mean. Price Momentum and Relative Trend indicator are more or less flat but are positive. The mass index indicator does not show a reversal pattern. I conclude that SPY is still in range for long trades including call options.Longby AwesomeAvaniUpdated 1
SPY on weekly stays the course LONGSPY on the weekly chart is up 25% in the past six months. This is beyond its historical norms even during a presidential election year. While there has been some volatility in both directions the climb is consistent and persistent. The indicators serve to document this. The predictive algo predicts more of the same. A price cut when the fed gets around to it will serve to sustain the trend. Lack of it through the summer may cause a fade of momentum. Make hay while the sun shines.Longby AwesomeAvaniUpdated 228
$SPY April 18, 2024AMEX:SPY April 18, 2024 15 Minutes. Closed shorts yesterday at 500 in SPY. We have 494 as a daily 100 average and 21 in weekly. At the moment I do not expect a trend change to long. I expect any upside to be resisted around 506 levels being 50 average in 15 minutes. If we consider the fall from 517.28 to 499.12 we have 61.8% retracement around 510 levels. It is also 200 averages in 15 minutes. The three LL in 15 minutes had created an oscillator divergence. Hence if we have a gap up or a relief rally towards 506 levels I will short. by RiderTrader1
$SPY overall bearish until sub 320I'm not a fundamental type of guy, I just look at what the chart give me, and as far as I see it from a Technical analyst perspective, this is nothing more but a simple ABC corrective wave from the super extended bull run we had previously. (Thus put the market in a bear market) We could either come back up to the 420 area to clear the shorts which would complete the B Wave, Giving us the opportunity for a easy short all the way to the .618 retracement level which would put is at sub 320 for the rest of the year. the other Scenario is we could reject the 400 area and come down to the 380 area and crab there before legging down again. Either way I am Micro bullish but overall bearish for the rest of this year. FOMC Tomorrow so hopefully we can start seeing some Acceleration in the charts.Shortby TrellTradesUpdated 228
$SPY April 17, 2024AMEX:SPY April 17, 2024 15 Minutes. Consolidation day. Today is Wednesday. I am expecting a one sided move. For the fall 506.5 to 502.61, AMEX:SPY retraced 78% and fell at close. For the two lows 502.43 and 502.22 we have oscillator divergence. I believe the uptrend for that divergence is over from 502.2 to 506. Today action will be above 507 or below 502. My upside target is limited to 509-510 levels. My downside target is 497-500. I prefer to short at the moment. I generally go long ony when AMEX:SPY is above all moving averages. Shortby RiderTrader116
A fun look at SPY's correctionSo I took the log scale of SPY and copied the pattern of our august correction and placed it on top of April, I then added the Ichimoku cloud and it looks like the pattern would be bouncing at support and resistance and bottom at a relatively reasonable point around 470. I expected a bounce at some point because we aren't going to go straight down, so I wanted to get an idea of what it would look like if we replicated the previous drop. Based on today's price action I do not feel that we will be bouncing quite yet, I think we have room to fall perhaps to 495 before a bounce. I would have expected a bit more upside today if this was really a local bottom, it seems like the market was a bit too flat after a price discount. I think there is still some eagerness to sell. Just something to look at going into the coming months. :)Shortby MikeSpy0
SPY: Fall to $486-495?SPY looks set to close below the SMA 20 with an RSI < 50, which isn't great. Just getting an overall toppy feeling and expect a correction to the $486-495 mark if there's a break of the highlighted volume node. CPI was also hot so that weakens any idea of a rate cut this year. Anything can happen and I'm not looking for a short yet, but if there's some more downward RSI momentum I could be convinced. GLShortby khannan99Updated 1
SPY - Selling FearSold 490 puts for 5/3/24 expiration, with 17 DTE. We may touch it, but doubtful. Also short 530 calls, but I sold them with 28 DTE, whenever that was. Almost out of juice at this point, might buy them back to lock in my gain and free up some capital. by SPY_Trader1
$SPY Head & Shoulders formationhypothetical expectation on SPY - head and shoulders before the big drop?Shortby adamivori1
1 Day Tue 4/16/2024Downward channel since last 2 weeks, last 2 candles are Bearish - Current candle is Bearish and making lower lows. Can bounce off lower channel, however over all trend is lower low.Shortby rams1081
SPY - Bullish ScenarioDon't count the Fed out just yet. They are good at blowing bubbles, especially with a major election near at hand. While many Fed members have backed down on immediate rate cuts, some say that the Fed has no choice but to lower rates to prevent a major liquidity crisis. With this in mind, our current move stemming from October 2023 might be an extended wave 1 with wave 2 in process, moving down to the bottom of the channel around 495. A wave 3 measured move of 1.618 could push prices to near 700. This would be near a 2.618 measured move of a larger Wave 3 that also began in October 2023. While many are looking for a major Wave C correction that will take prices below the October 2022 low, not likely in an election year. Longby AssetDesign0
SPY Cycles & TA: 4/15/24Charts remain very bearish for the Stock market using spy as reference. This is a quick small update since I am in a hotel using my hotspot, but I wanted to send out an update.03:21by Majorcycles2
$SPY April 16, 2024AMEX:SPY April 16, 2024 15 Minutes. As expected 505 levels in SPY. Opened gapped up. So after the first 15 minutes a sell below was triggered for 515 was a level to short as planned. As expected 50 day average was touched in daily. Now for the rise from 493 AMEX:SPY has retraced 61.8% levels. Crucial to hold for any uptrend to continue. If this level is not held we have to consider the rise from 409 to 524 levels. For that 23.6% retracement is 493 levels. It is also 100 averages in daily. At the moment bias is only on the downside. AMEX:SPY below all kinds of moving averages in multiple time frames. For the day considering the fall 512.62 to 503.58 508-509 will be a good level to short SL 511 for 497-500 as target.Shortby RiderTrader5