1hr Spy Chart is Giving Mixed Signals
Here's a brief analysis of the spy on a 1 hour time frame. Recently the bulls have been in control, but are they over extended?
We have been in a downtrend for quite sometime. When we finally broke out of it we gapped down and began forming a cup. Right now that cup is extremely over extended and our MAD indicator is showing the beginning of a trend change to the downside and the MAD is also extremely overextended.
We may start using extended grey trendlines and enter another few days of downward consolidation, that could possibly form a handle. Anyway, I think we need a few days for clarity, if not much more.
With that said, the markets are still climbing. We'll see if the next few days tell
SPY a different story.
We have been in a downtrend for quite sometime. When we finally broke out of it we gapped down and began forming a cup. Right now that cup is extremely over extended and our MAD indicator is showing the beginning of a trend change to the downside and the MAD is also extremely overextended.
We may start using extended grey trendlines and enter another few days of downward consolidation, that could possibly form a handle. Anyway, I think we need a few days for clarity, if not much more.
With that said, the markets are still climbing. We'll see if the next few days tell
SPY a different story.
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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.
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.