Spy got a bit of a run up in the last two days. Seems like it topped out and rejected at 393. Possible support (and higher low) at 386 where SPY was consolidating between 386 and 378. 4HR frame ready to move down. Daily moving up. JPow speaks tomorrow. :)
AMEX:SPY
During yesterday's TA, SPY was oversold on the 1HR and 4HR chart with the anticipation of a move upwards as indicators began rising. Today's price movement confirmed a possible continuation of the bullish trend. Between now and Monday December 12, SPY may see a price target of $400. As long as the Fib Fan support holds, it is very possible.
As of now,...
AMEX:SPY
After Tuesday's dumping shenanigans, SPY was able to uphold $391 below the Demand Zone @(393.65-397.27)
Ended up with some volatile chop today bouncing between $392 - $395, ending the day off with $393
Zooming out to the HOURLY, indicators are starting to rise showing possible upward movement.
Zooming out to the 4HR frame, indicators are...
Pretty good chance for a turn-around-Tuesday. Overreaction today to the hawkish Bullard speech in my opinion. Stochastic is also oversold on the 2HR timeframe and it seems to me every oversold zone recently turned up.