SPY/S&P500 Update Daily TF Sept 22
The SPY broke down from its BF channel on Sept 13 & has been getting pushed down by the 9EMA ever since.
Now that we've remained consistently below the Bear Flag channel, it's time to discuss our bear targets going forward.
Bearish things to note:
- 9SMA curling down (bearish)
- Bear target #1 gap @ $377.80 HAS BEEN HIT
- Bear target # 2 & 3 gap @ $365 & re-test June low
- Bear target #4 Measured move of bear flag target @ 345ish. Also happens to be the Feb 2020 high BEFORE the COV crash, & a decent liquidity zone
- Bear target #5 $273 - $294, this is worst case. Level coincides with major liquidity zone from 2018/2019
We are currently ONLY -3.15% from the June low!
Bullish things to note:
- RSI fairly oversold, bounce could be in order here
- Testing support @ July lows
- Bounce target #1 9SMA resistance @ $388
The DXY is looking toppy/OB while the risk-on assets are looking OS. You know what that means right? Time for a bounce perhaps?
Now that we've remained consistently below the Bear Flag channel, it's time to discuss our bear targets going forward.
Bearish things to note:
- 9SMA curling down (bearish)
- Bear target #1 gap @ $377.80 HAS BEEN HIT
- Bear target # 2 & 3 gap @ $365 & re-test June low
- Bear target #4 Measured move of bear flag target @ 345ish. Also happens to be the Feb 2020 high BEFORE the COV crash, & a decent liquidity zone
- Bear target #5 $273 - $294, this is worst case. Level coincides with major liquidity zone from 2018/2019
We are currently ONLY -3.15% from the June low!
Bullish things to note:
- RSI fairly oversold, bounce could be in order here
- Testing support @ July lows
- Bounce target #1 9SMA resistance @ $388
The DXY is looking toppy/OB while the risk-on assets are looking OS. You know what that means right? Time for a bounce perhaps?
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