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SPDR S&P 500 ETF TRUST
Short

SPY | SHORT

174
SPY

Title: Potential Scenario: Short Position Recommendation for SPY

Target Prices:
TP1: $446
TP2: $442


Evidence:
Bearish Reversal Island pattern observed on the 4-hour chart.
Overextended price levels indicating a potential correction.
RSI indicator exhibiting bearish momentum.
Bearish moving average crossover on the RSI indicator.
Extended Bollinger Bands suggesting potential price contraction.
Rationale:
Based on the identified technical indicators, a short position is recommended for SPY. The presence of a Bearish Reversal Island pattern on the 4-hour chart indicates a potential trend reversal. Furthermore, the overextended price levels, bearish RSI momentum, and a bearish moving average crossover on the RSI provide additional confirmation of a downward move. Additionally, the extended Bollinger Bands suggest a likelihood of price contraction. Considering these factors, it is prudent to consider initiating a short position on SPY.
shkspr
no pain, no gain
Unveiling illusions, revealing wealth
Also on:
Chart PatternsTechnical IndicatorsSPX (S&P 500 Index)S&P 500 (SPX500)SPDR S&P 500 ETF (SPY) Trend Analysis

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.
Chart PatternsTechnical IndicatorsSPX (S&P 500 Index)S&P 500 (SPX500)SPDR S&P 500 ETF (SPY) Trend Analysis
shkspr
no pain, no gain
Unveiling illusions, revealing wealth
Also on:

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.