The SPY (ETF tracking the S&P 500) has just broken upward from a clearly defined short-term descending channel identified by the Adaptive Trend Finder (ATF) indicator. This indicator automatically detects the current dominant trend (here at 150 periods) with high relevance, as evidenced by the strong correlation highlighted by the indicator.
Prices are currently moving towards the Hull Moving Average (HMA), which acts as a dynamic short-term resistance. A confirmed close above the HMA (blue line) would strengthen the bullish scenario.
Fractals validated by the Williams Fractals Ultimate indicator also support this rebound, indicating a potential reversal towards the median line of the long-term channel defined by ATF (1200 periods).
Monitor the relative volume (RVOL), currently low, to confirm the bullish recovery. An increase in volume would strengthen the conviction of a sustained upward movement.
Prices are currently moving towards the Hull Moving Average (HMA), which acts as a dynamic short-term resistance. A confirmed close above the HMA (blue line) would strengthen the bullish scenario.
Fractals validated by the Williams Fractals Ultimate indicator also support this rebound, indicating a potential reversal towards the median line of the long-term channel defined by ATF (1200 periods).
Monitor the relative volume (RVOL), currently low, to confirm the bullish recovery. An increase in volume would strengthen the conviction of a sustained upward movement.
The trend is your friend, until it's not...
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.
The trend is your friend, until it's not...
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.