SPY off Double Top is going down
SPY completed a Double Top on August 23, 2016. This common signal should allow for some downtrend in the future. The question is at what level will support be found. After the "RUMINT" from Jackson Hole was released, the first level of support was broken.
A 10% correction from the Double Top would occur around 198, which is Support Level 5. Depending on how fast Level 5 is broken, the market could be in freefall mode at this time.
In summary, we are going down, but question is how far
A 10% correction from the Double Top would occur around 198, which is Support Level 5. Depending on how fast Level 5 is broken, the market could be in freefall mode at this time.
In summary, we are going down, but question is how far
All forecasts are based on analysis of past behavior. Prior movements are not always indicative of future movement. Develop the theory, test the theory. Do your own research. Nothing in this analysis constitutes advice. YouTube For More. Good luck!!
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.
All forecasts are based on analysis of past behavior. Prior movements are not always indicative of future movement. Develop the theory, test the theory. Do your own research. Nothing in this analysis constitutes advice. YouTube For More. Good luck!!
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.