Clear Long trend, correction catched above 50% retracement
Trend bullish
short term PT 490
A break above 491 will push SPDR to 630 and higher
If SPY demonstrates a downward movement below the levels of 434.00 and 430.50, it would indicate a further downside potential. In such a scenario, the initial wave of targets to consider are 425.00, 420.25, and 416.00....
I did a clean chart on SPY as my original chart was quite cluttered but I think this gives a very clear view and why I thought this recent move higher into resistance was a very shortable area. There are 3 very important inflection points which 9 out of 10 times were going to get a reaction. These all come into play between 402-410 on the SPY
1) Orange line which...
Speculation for Macro:
- State of Emergency and lockdown for 10 weeks due to Omicron variant.
- Bear market until Feb 2022.
"Move fast, move hard" - Naftali Bennett
GLHF
- DPT
The S&P is under some selling pressure, which we can see in the upper vwap levels.
What we are looking for is to see if we gain or reject the upper vwap levels if rejection look for us to challenge the buyers at the lower vwap levels.
White dotted line is the market recent trend line that I’ve been following. Red lines are levels I expect to test in a bullish or bearish situation. Incase of a major pull back orange dotted lines is where I expect the market to stay at in terms of a range.
