SPY - Game Plan Week of February 1
My projections for the daily candles. RSI broke below 50 and we're still above a double-bottom. The next closest one is $364-366. If we see price action significantly break thru this zone and close at or above it, expect it to continue along the trajectory I've drawn. If we get a bounce (long shadow) off of the dashed green $366, we'll get a bounce back to ATH's. February is historically among the weakest months for the markets, so a draw-down to September/October highs ($350) is looking more and more likely. This would also give the market a lot of confidence before making a major move ahead. This would also tie in nicely with an expected infusion of liquidity. We all know where that stimulus is going. Cheers!
Note
Tues/Wed: Note
Lots of divergence on the hourly charts. Watching price action, expecting a consolidation pattern to develop (pennant). A quick pullback to $376 seems in order. 
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.
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.