SPY- Bearish- Update
Updated
Just posting a quick update as the SPY is looking even more bearish after closing on Friday with a spinning top reversal pattern on the weekly timeframe- the markets have been overextended for quite some time, technicals are bearish on almost every timeframe- Some FIB levels and RSI-based supply and demand zones to keep an eye on-
- Bearish Megaphone Formed
- Bearish ABCD Harmonic Pattern Formed
- Spinning Top Candlestick Pattern Formed on the Weekly Timeframe (Bearish Reversal Pattern, See Attached Chart Below)
- Bearish Butterfly Harmonic Pattern Also Formed on the 4-Hour Timeframe (Not Pictured)
- Buyer Volume Drying Up
- Bearish Hidden divergence on the RSI - Also way in Overbought Territory
Weekly Timeframe
https://www.tradingview.com/i/P0xbXQbd/
Previously Charted
https://www.tradingview.com/i/uUjKF7UA/
[url=
https://www.tradingview.com/i/QjzW3St4/
https://www.tradingview.com/i/WN0uJ4TR/
- Bearish Megaphone Formed
- Bearish ABCD Harmonic Pattern Formed
- Spinning Top Candlestick Pattern Formed on the Weekly Timeframe (Bearish Reversal Pattern, See Attached Chart Below)
- Bearish Butterfly Harmonic Pattern Also Formed on the 4-Hour Timeframe (Not Pictured)
- Buyer Volume Drying Up
- Bearish Hidden divergence on the RSI - Also way in Overbought Territory
Weekly Timeframe
https://www.tradingview.com/i/P0xbXQbd/
Previously Charted
https://www.tradingview.com/i/uUjKF7UA/
[url=
https://www.tradingview.com/i/QjzW3St4/
https://www.tradingview.com/i/WN0uJ4TR/
Note
Some levels to watch based on today's price action on the SPY- 📌 $472.18
📌 $471.68
📌 $469.24
📌 $468.50
📌 $467.60
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