Looks like downtrend is forming
[Short term bearish to mid and long term bullish]
Looks like repeated double tops signaling a move down. This is when the buyers get rejected from sellers and form the tops. After enough times the buying pressure becomes exhausted leading up to a fall down where sellers take over. Other factors such as RSI and comparing the DXY and VIX all at the same time on daily time frames and hourly frames and minute are all telling me that the dollar and vix are bound to rise which inevitably drops the spy and all stocks. While the spy rsi is to high as well bound to come down. I'm not bearish or saying well see new lows but I can't help but be short term bearish maybe for s couple weeks or so until good news such as a lower rate hike sends us up into a bullish rally. Until then I can't see us rallying up until then and continue to rally, it's much more realistic to have another fall down and then come out of that very strong into a bullish rally. Also just tested the 200 day moving average and as each time before we had the same wxaxt pattern on the Daily chart turn into a massive fall down. While afterwards each time led into a rally up. It's unlikely to me that the same outcome would not take place again, especially when the same type of fundamental factors are repeating themselves over again.
Looks like repeated double tops signaling a move down. This is when the buyers get rejected from sellers and form the tops. After enough times the buying pressure becomes exhausted leading up to a fall down where sellers take over. Other factors such as RSI and comparing the DXY and VIX all at the same time on daily time frames and hourly frames and minute are all telling me that the dollar and vix are bound to rise which inevitably drops the spy and all stocks. While the spy rsi is to high as well bound to come down. I'm not bearish or saying well see new lows but I can't help but be short term bearish maybe for s couple weeks or so until good news such as a lower rate hike sends us up into a bullish rally. Until then I can't see us rallying up until then and continue to rally, it's much more realistic to have another fall down and then come out of that very strong into a bullish rally. Also just tested the 200 day moving average and as each time before we had the same wxaxt pattern on the Daily chart turn into a massive fall down. While afterwards each time led into a rally up. It's unlikely to me that the same outcome would not take place again, especially when the same type of fundamental factors are repeating themselves over again.
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