SPY down, what else is new?
Looking at the SPY, it is clearly bearish at first glance.
Weekly chart pre-empted three weeks ago, and it is playing out as expected. This week saw a follow through downside, that the last three weeks erased a almost all of a previous four week gain. Weekly chart begs the question of how low can we go, and target projected at 325.
The daily SPY shows that the week started with a failed attempt to close the gap down of the same day. rest of the week was bearish history as technical indicators broke down into bearish territory. The week ended with Friday gapping up (on decent payrolls data) and then just losing it to go into the weekend. This resulted in what resembles a Bearish engulfing candlestick pattern. It did not fully engulf the previous candle (although it did on a body to body comparison). This appears as a bearish indicator, but one that tells of some support at the lower end where the tails form.
So, we can probably expect a bearish undertone, but the week ahead should stall, and probably have a consolidation or mini bounce. longer term projection still puts downside target at 325.
Weekly chart pre-empted three weeks ago, and it is playing out as expected. This week saw a follow through downside, that the last three weeks erased a almost all of a previous four week gain. Weekly chart begs the question of how low can we go, and target projected at 325.
The daily SPY shows that the week started with a failed attempt to close the gap down of the same day. rest of the week was bearish history as technical indicators broke down into bearish territory. The week ended with Friday gapping up (on decent payrolls data) and then just losing it to go into the weekend. This resulted in what resembles a Bearish engulfing candlestick pattern. It did not fully engulf the previous candle (although it did on a body to body comparison). This appears as a bearish indicator, but one that tells of some support at the lower end where the tails form.
So, we can probably expect a bearish undertone, but the week ahead should stall, and probably have a consolidation or mini bounce. longer term projection still puts downside target at 325.
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