Updated Technical Analysis on SPY 7.13.20
Sentiment: Short term Bearish
Reasons:
1.Strong Weekly Resistance (Now Support) at 317.59
2. Bearish Island Gap on Daily Chart
3. Bullish Channel Breakdown
4.Selling Volume Increase
5. Rising Wedge Pattern Formed After Market Open Gap up
5. Decrease in Overall Volume During this Pattern formation Confirms its Strength
Reasons:
1.Strong Weekly Resistance (Now Support) at 317.59
2. Bearish Island Gap on Daily Chart
3. Bullish Channel Breakdown
4.Selling Volume Increase
5. Rising Wedge Pattern Formed After Market Open Gap up
5. Decrease in Overall Volume During this Pattern formation Confirms its Strength
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.