Looking for 2 targets this week...
My low end target is 565 support . Despite the early week movements price should start to fulfill the weekly bearish by early or late Wed.
My upside target would be 580 once we break back over 576..
Seasonality belongs to small caps and the bulls , the only difference this year is we are coming into November near ATH vs traditionally being oversold at this point.
580-582 will be a 🧱 wall. Over that and 600 comes.
Below 560 and 540 is next .
My indicators are mixed.. some spell doom and some say a rally is coming to ATH for spy.. Here's an example
Here's SPXU which is the inverse SPY.
Spxu is showing a bullish wedge and when this goes higher spy usually goes lower
Breakout just happened last week and the measured move would put spy at 540.
So that's bearish but on the bullish side..
Look at your money flow on spy 3hour chart.. you see how oversold it is ? For as long as I can scroll back when spy gets this oversold a 4-7% rally occurs.
And that's just 2 of my mixed signals..
There's more but I won't go into them.
When my signals get like this I tend to limit the swings and trade whats in front of me..
With that being said, we'll tag 565 and 580 this week..
568 will be short term support (50sma)
575 will be short term resistance (Gap).
I don't think we'll get over 576 without some news.
My low end target is 565 support . Despite the early week movements price should start to fulfill the weekly bearish by early or late Wed.
My upside target would be 580 once we break back over 576..
Seasonality belongs to small caps and the bulls , the only difference this year is we are coming into November near ATH vs traditionally being oversold at this point.
580-582 will be a 🧱 wall. Over that and 600 comes.
Below 560 and 540 is next .
My indicators are mixed.. some spell doom and some say a rally is coming to ATH for spy.. Here's an example
Here's SPXU which is the inverse SPY.
Spxu is showing a bullish wedge and when this goes higher spy usually goes lower
Breakout just happened last week and the measured move would put spy at 540.
So that's bearish but on the bullish side..
Look at your money flow on spy 3hour chart.. you see how oversold it is ? For as long as I can scroll back when spy gets this oversold a 4-7% rally occurs.
And that's just 2 of my mixed signals..
There's more but I won't go into them.
When my signals get like this I tend to limit the swings and trade whats in front of me..
With that being said, we'll tag 565 and 580 this week..
568 will be short term support (50sma)
575 will be short term resistance (Gap).
I don't think we'll get over 576 without some news.
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