This is SPY's Daily chart and it looks to be heading towards 370-372 level very soon.
The cup pattern has been formed, and we will see what kind of handle pattern it turns out to be. Might pullback to 385 area or towards 50 MA.
With the break of the up trendline, it's usually a sign of selling pressure.
370 is definitely target profit 1.
350-355 area, which should coincide with 200 MA, is target profit 2.
We shall see if this is the beginning of the distribution cycle.
Trade and invest cautiously!
Disclaimer: I'm not giving any trading and investment advise. Just sharing my chart observations.
If you'd like me to analyze any symbols, just drop me a comment.
Thanks!
370
350-355
The cup pattern has been formed, and we will see what kind of handle pattern it turns out to be. Might pullback to 385 area or towards 50 MA.
With the break of the up trendline, it's usually a sign of selling pressure.
370 is definitely target profit 1.
350-355 area, which should coincide with 200 MA, is target profit 2.
We shall see if this is the beginning of the distribution cycle.
Trade and invest cautiously!
Disclaimer: I'm not giving any trading and investment advise. Just sharing my chart observations.
If you'd like me to analyze any symbols, just drop me a comment.
Thanks!
370
350-355
Note
Strong pullback today, not unexpected. Not looking like it will close above 385.59 (the open on Monday) too.For the selloff to still happen, I won't want to see price go above 391. I believe it will be challenged in the next couple of days, and so we will monitor again if and when it happens.
Note
Although this setup is technically still intact, but not too sure if I can be 100% behind the idea now.We will see how it goes again tomorrow.
Note
If the market doesn't sell off hard in the next 2-3 hours, chances are this setup is invalidated.Note
Expect to start seeing some selling pressure coming inTrade closed: stop reached
Price has gone above last week's high.Setup invalidated!
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.
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.