Update on SPY
Updated
As some may know, I have called out the start of this bear session based off of my indicators and I believe we have just received another notable bear signal that should be addressed
Before we get into my analysis I want to first state that I'm writing this on a Monday, therefore the weekly candle has yet to complete
Although this is the start of the week, our Red RSI has recently crossed below 50 indicating a potential move to the Orange/Aqua Lower Bollinger Band, but keep in mind our green EMA has crossed below 20, meaning exhaustion could occur
For the time being I like 420 as a price target since our Aqua Bollinger Band and a VWAP rest there
If we see our Blue LSMA cross below 50 then expect greater downfall
Only thing to do is watch for the green ema to cross back up to indicate a dip buy(greater confirmation if crosses red rsi)
I will try and keep you guys updated on if we will see greater downside or a dip buy
Before we get into my analysis I want to first state that I'm writing this on a Monday, therefore the weekly candle has yet to complete
Although this is the start of the week, our Red RSI has recently crossed below 50 indicating a potential move to the Orange/Aqua Lower Bollinger Band, but keep in mind our green EMA has crossed below 20, meaning exhaustion could occur
For the time being I like 420 as a price target since our Aqua Bollinger Band and a VWAP rest there
If we see our Blue LSMA cross below 50 then expect greater downfall
Only thing to do is watch for the green ema to cross back up to indicate a dip buy(greater confirmation if crosses red rsi)
I will try and keep you guys updated on if we will see greater downside or a dip buy
Note
Time Frame Analysis 10/8/21Daily displayed an up move but I believe it will be short lived due to further analysis of the lower time frames. Keep in mind we will see bullish pressure until white energy falls below 50
4h Failed to display another buy signal after the initial bear signal. Red RSI is getting pretty close to 50 so the 2h will help us see if it is likely to go lower.
2h is displaying bearish expansion to the downside. Its a matter of if this will continue more before the 4h can signal anything bullish(doubt it)
Trade closed manually
Getting Dip buy Signals if this holds 
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.