SPY Key Levels for April 16, 2022
Today was the day that bears finally took control now the question is will we see a continuation of bearish momentum tomorrow? Most likely
Key Levels to watch out for:
1) $449.00 (I prefer to round to the nearest whole number as it is a psych level) however $449.16 was the previous low as you can clearly see on my hourly chart. There are 2 things to consider and ask yourself when watching price action at this level... Do we get a double bottom and price reverses? Or do we break through and continue lower?
2) $447.00 if price decides to make a lower low I can see us heading towards this next level of support
Notes in favour of bears:
-Stochastic rsi is approaching oversold levels and is not choppy suggesting selling pressure shall continue tomorrow before price reverses
-On a 5min & 15minute chart we are officially trading below the 200ema which signifies a downtrend
I can see price potentially retesting my 20ema level on a 15minute chart before collapsing back down (if this happens we will still have a lower high so I wouldn't be fearful of a slight move up in comparison to today's closing price)
Happy Trading and if anyone would like to share their opinions please feel free to comment below!
Key Levels to watch out for:
1) $449.00 (I prefer to round to the nearest whole number as it is a psych level) however $449.16 was the previous low as you can clearly see on my hourly chart. There are 2 things to consider and ask yourself when watching price action at this level... Do we get a double bottom and price reverses? Or do we break through and continue lower?
2) $447.00 if price decides to make a lower low I can see us heading towards this next level of support
Notes in favour of bears:
-Stochastic rsi is approaching oversold levels and is not choppy suggesting selling pressure shall continue tomorrow before price reverses
-On a 5min & 15minute chart we are officially trading below the 200ema which signifies a downtrend
I can see price potentially retesting my 20ema level on a 15minute chart before collapsing back down (if this happens we will still have a lower high so I wouldn't be fearful of a slight move up in comparison to today's closing price)
Happy Trading and if anyone would like to share their opinions please feel free to comment below!
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