SPX / SPY - Bear Flag - Retest 3130 Before Descent
Updated
SPX is forming a Bear Flag on multiple time periods (easier views are 1Hr or less).
I added a Aqua colored channel to the chart, as it appears this last support was not retested.
For this reason with the Bear Flag combination, I see we continue down by Friday if not Monday next week.
While the SPX is forming a Bear Flag, VIXY is forming a Bull Flag.
This inverse relationship is also an indicator to me that the patterns will continue.
Exits
Exit 1 - Dark blue line around SPX 3020 or SPY $302
Exit 2 - White support line at bottom, but is more to occur in 2020.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, and VIXY.
Short SPY and AAPL.
I added a Aqua colored channel to the chart, as it appears this last support was not retested.
For this reason with the Bear Flag combination, I see we continue down by Friday if not Monday next week.
While the SPX is forming a Bear Flag, VIXY is forming a Bull Flag.
This inverse relationship is also an indicator to me that the patterns will continue.
Exits
Exit 1 - Dark blue line around SPX 3020 or SPY $302
Exit 2 - White support line at bottom, but is more to occur in 2020.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, and VIXY.
Short SPY and AAPL.
Note
youtube.com/watch?v=2eHHdTunZb4Wilbur Ross - Trade Secretary - On China Deal - 17 mins ago
"Getting a good deal is more important than getting a deal on a certain date"
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.