AMEX:SPY looks to be showing signs of weakness here. Thinking that we could see the first large decline of the year into one of the support levels below $479-$495. Breaking the trend line would be the trigger.
If that happens and we do get a low, then I think we'll have one final rally to the upper resistance levels between $525-$530.
Another possibility, is...
AMEX:SPY May 16, 2024
15 Minutes.
AMEX:SPY opened gap up.
Since long was confirmed as the rectangle was broken out the previous day, i waited for a good close of bar. I bought around 527.
I had earlier marked the extension for the range 515 to 522.66 to 519.74.
This gave a 1.618 target as 532.
For the day, since I always believed gaps are strong if not...
Many of you are confused on the recent price action of the market.
When in doubt, zoom out.
Pay attention to the next fib level and pay attention to GOLD & OIL.
Feds only cut rates during market turmoil not during bull runs.
To keep it SHORT and sweet. It doesn't end well for risk assets.
On the other hand, have you seen the prices of cocoa??? Insane!
I've heard other pundits that the rise off the lows, the 1,2, 1, 2 was all a wave 1 and the most recent significant pullback was a wave 4. While possible, with the bullish momentum of late, seemingly we're in a wave 3 with some bullishness left in the tank.
People indicate market over-valuation but due to the narrowness of market breadth, it seems perhaps only...
Hello,Traders!
SPY is trading in a strong
Uptrend and the index
Just broke the key
Horizontal level of 525$
And the breakout is
Confirmed which reinforces
Our bullish bias and we will
Be expecting a further
Bullish move up
Buy!
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Check out other forecasts below too!
We've seen a wild +25% rally since Oct 2023 in SPY. Honestly, I did not expect this move back in Oct, especially since we broke down below the MAs and they acted as resistance for 3 weeks. However, the market doesn't care about what we think it will do.
I don't like calling tops, but nothing goes straight up. With the crypto market building up hype as well, I...
🔴 Resistance - 526 🔴
🚀 Target - 527 - 529 🚀
🟢 Support - 526 🟢
🚀 Target - 525 - 524 🚀
🚫 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 &...
Elliot Wave finished forming the A of ABC correction just on the fourth wave of giant minor E.W. D1 t.f.. Two sets of abcde waves finished and builded a complete smaller abc correction, giving open doors for a bullish momentum.
Trend still can continue until 300% of E.W. fibonacci.
fibonacci is between the 0 and 2 of E.W., starting from 50% instead of 0.
It...
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
AMEX:SPY May 15, 2024
15 Minutes
The SPY is not retracing. It is resolving divergences and aligning moving averages through sideways movement.
Now as expected once 522.75 was crossed we are back in business.
I will consider two numbers.
The rise from 515.15 to 532.582 and 520.56 to 523.82.
Maintaining a hold at 518.5 is crucial for the former, while for the...
AD running a bearish cypher pattern on the 4hr. Also money flow/AD peaking with price action. Price action also hit my 1.618 fib level which is bearish. Money Flow and AD needs to breakout above b leg, however the down trend looks In tact. Short term bearish outlook.
🔴 Resistance - 521 🔴
🚀 Target - 522 - 523 🚀
🟢 Support - 521 🟢
🚀 Target - 520 - 520 🚀
🚫 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 &...
This chart uses symmetric trajectories from the early distribution phases to estimate the path price will take to initiate markdown.
Initial target = 506-508. If SPY finds resistance at 516 then the initial target could hit by the end of this week (5/10). If SPY breaks above 516 it should find resistance at 518-520, and then the initial target will be delayed -...
