SPY close analysis 9/26/2023
Updated
Unfortunately, yesterday led to continued downside. Oscillator is crossing back down and threatening its headed into oversold territory.
We now have multiple gaps above acting as resistance. I think we'll see a "breakdown zone" retest (430-436) but at this point the 200 day EMA and the old draw on liquidity is closer and thus much more likely to happen first.
In short:
We now have multiple gaps above acting as resistance. I think we'll see a "breakdown zone" retest (430-436) but at this point the 200 day EMA and the old draw on liquidity is closer and thus much more likely to happen first.
In short:
- Rallies are to be faded
- Approach pumps as scalps (day trade only
- Bulls need a gap up or some other supportive action in order to have a sign of strength
Trade closed: target reached
Check out that pierce of the 200D ema and then subsequent bounce! Wowza! Note
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