SPY close analysis 5/31/2023
The last candle close of May was a pullback to the most recent swing low/swing high 0.5 retrace. Bulls seek to remain in control but are exhausted here. Taking a breather and expecting some price action off the 0.5/0.618 retrace while we "pause" is entirely expected.
From a price action perspective I see a lot of selling pressure above meaning that selling could continue through tomorrow. 5 of today's 6 candles had quite the wick on top.
My prediction: Long through the week. 414-415 continues to hold support through the week as we slowly gather steam to break into that 425 zone I've been calling for quite a while now.
If 414-415 zone breaks, it's back to the 409/410 zone that I hate. I'd rather not see that, so let's hope the former sticks.
From a price action perspective I see a lot of selling pressure above meaning that selling could continue through tomorrow. 5 of today's 6 candles had quite the wick on top.
My prediction: Long through the week. 414-415 continues to hold support through the week as we slowly gather steam to break into that 425 zone I've been calling for quite a while now.
If 414-415 zone breaks, it's back to the 409/410 zone that I hate. I'd rather not see that, so let's hope the former sticks.
❤️ Pro indicators whop.com/upslidedown/
💎 Chat with me about indicators and strategies: discord.gg/Psf9PV6Urf
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💎 Chat with me about indicators and strategies: discord.gg/Psf9PV6Urf
💎 Get my %R Trend Exhaustion indicator: bit.ly/prte
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.
❤️ Pro indicators whop.com/upslidedown/
💎 Chat with me about indicators and strategies: discord.gg/Psf9PV6Urf
💎 Get my %R Trend Exhaustion indicator: bit.ly/prte
💎 Chat with me about indicators and strategies: discord.gg/Psf9PV6Urf
💎 Get my %R Trend Exhaustion indicator: bit.ly/prte
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.