SPY: Potential setup for next leg down
I am adding a few new indicators to my arsenal. I want to love the Ichimoku cloud, there is just so much data displayed on the screen that I feel once the eye adapts to it there is great value in the indicator.
Anyway today was a very bullish ending to a long brutal sell off. We tested the gap and then we smashed through it to end the day. Way to go bulls!. I am overall thinking we will have another leg lower, but I do think upside is on the way in the short term potentially after today's action.
If we reject on all of the indicators and the blue trend line from our initial drop I think we will likely bust the support and test the June lows.
Just my art project.
Anyway today was a very bullish ending to a long brutal sell off. We tested the gap and then we smashed through it to end the day. Way to go bulls!. I am overall thinking we will have another leg lower, but I do think upside is on the way in the short term potentially after today's action.
If we reject on all of the indicators and the blue trend line from our initial drop I think we will likely bust the support and test the June lows.
Just my art project.
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