Weekly outlook for the SPY
Welcome once again traders! Giving you a weekly outlook on what we could see on the SPY and it's children this upcoming week. So here we are on the 2 hour chart, we've got a very clear rejection of our blue box there that I stated in my last analysis saying that this zone would be significant in deciding some future movement. Now, we have a couple of things to watch here, first, we've got a clear double bottom within one of our descending triangles, not a very strong signal however since it just got rejected at the blue box, but still worth noting. Second, we've got 2 descending triangles to watch for, the first is the smaller one where the double bottom is formed, a break out of the bottom of that one and we'd only have one more string to hang off of, the 252.97 area, a break of that one too and we could see a continuing collapse. Now if we break out through the top of the smaller descending triangle we still have to break through the top much larger one, if successful then we can continue on with good 'ol bullishness, if it is to fail, then watch out below! Keep an eye out for these for these couple of signals throughout the week. As always, good luck and safe trading! Till the next one!
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