SPY similarities with 2009 up to current 3600 decision zone
SPY In this 2009 weekly chart, we saw the ff:
1) dma 50 x dma200 (deathcross) also wma20x50
2) price created a low, then bounced up to retest dma200 (wma50) but was rejected down
3) price went down back to retest that low. (The present low was the June low around 3636, a major decision point)
MAJOR RISK AHEAD: Now we have to see this week if SPY will recover 3636. (A slightly lower low may happen probably to 3500 to create a divergence for an oversold bounce)
*a 2009 scenario repeat will see SPY just waterfall thru 3500 to next supports at 3400/3200/3000/2800
*wma 50 will then cross wma200 (deathcross on weekly)
Not trading advice. Proceed with extreme caution!
1) dma 50 x dma200 (deathcross) also wma20x50
2) price created a low, then bounced up to retest dma200 (wma50) but was rejected down
3) price went down back to retest that low. (The present low was the June low around 3636, a major decision point)
MAJOR RISK AHEAD: Now we have to see this week if SPY will recover 3636. (A slightly lower low may happen probably to 3500 to create a divergence for an oversold bounce)
*a 2009 scenario repeat will see SPY just waterfall thru 3500 to next supports at 3400/3200/3000/2800
*wma 50 will then cross wma200 (deathcross on weekly)
Not trading advice. Proceed with extreme caution!