-Consolidating after a healthy uptrend with alot of good volume on the daily chart
-Once this breaks out of this consolidating channel, I can see this hitting $7 and then $8
-Pre Covid it was trading around $9 and it is on its way back to fill those gaps
-Clean breakout of the bullish pennant
-Slight Volume increase
-Increase Hype on Reddit
This thing has the potential to fly.
Will be looking for an entry position on a retest or dip
-BEARISH Rising wedge pattern on the 2hr chart.
-Volume slowly decreasing the past week
- We could see another retest of the ATH before this Bearish scenario plays out
-If price breaks out above ATH with good volume, we could see another short term bullish move before any significant drop
-Every indicator is pointing towards a drop, we just don't know when...
SPY hit my 2nd target and now I am looking to short again.
-Price broke out of bearish channel on the 15 min chart and is currently retesting channel.
-If price fails to re enter channel, next target will be 419 and then 418
-Last time the price surged we saw a -70% retrace to the strong support area.
-Next support zone is over 40% down
-RSI extremely overbought
Is this the end of this weeks pump or is there still more upside?
-Price has been trading in a new channel
-SPY formed a Bearish GRAVESTONE DOJI on the hourly chart when the price failed to pass the 418 Resistance.
-MACD also crossed bearish on the 30min and about to cross on the 1 hr as well
-I expect another gap down on Monday or next week to retest support. If the current channel support doesn't hold, 400 will be the next stop
SPY gapped down huge but buyers stepped in and we saw it make a recovery during the day. The downward channel hasn't been broken yet and the price action the next couple of days will tell us which direction we are headed.
-Price still in downward channel
-A breakout of channel = Bullish move
-Rejection of channel = Another gap down and selling
SPY still hanging on in this new downward channel.
Dojis on the 2/3 hour chart at top of channel and formed a rising wedge on the 30 min.
Volume very low as price has gone up past couple of days!
I think 400 is a very possible target for SPY this month
SPY gapped down once from a bearish RISING WEDGE . Looks like another RISING WEDGE is forming.
400 is a strong support that a lot of traders are watching. If price moves down tomorrow to this support area there could be a nice bounce up from there.
SPY Fell to bottom of the wedge's support as expected and has broken out!
The current uncertainty of the market, overbought stocks, rising inflation, and now gas & oil scares, all played a part in this move down.
Are we over yet? In my opinion no. We are just getting started to a bigger correction.
Next support is 401, which I think we will see before the end...
SPY loves to follow wedge patterns and it looks like its trading inside a BROADENING WEDGE pattern. Another drop to 412-413 area could be seen soon.
A break of the bottom trendline of the wedge could result in big downward moves, filling the large gaps it made on the way up.
If the bottom trendline holds, we could see another ATH.
As a beginner, I'm still...
SPY is still trading at the top of the daily megaphone pattern and looking VERY weak. Lots of dojis at the top as the buying pressure is leaving and people are taking profits on an overbought market.
If the 410.50 support level doesn't hold, expect BIG moves downward.
Be careful out there and make sure you have a plan if the market drops.
I personally am...