SPY Channel
Updated
Upward channel. Could continue upwards to 319ish while still in channel if we stay above 314.40 Monday. Obviously ascending channels usually break to the down side so small potential supports listed in blue. Gap support at 307 is probably going to be the strongest currently (above 300).
Bull case: China said they wont let the HK bill disrupt trade talks.
Bear case: RSI overbought and MACD weak. (4 times since October 15th MACD has shown weakness yet still gone dark again.)
Holding to see what will happen.
Bull case: China said they wont let the HK bill disrupt trade talks.
Bear case: RSI overbought and MACD weak. (4 times since October 15th MACD has shown weakness yet still gone dark again.)
Holding to see what will happen.
Note
Chinese state media a few hours after this original post tweeted out that officials did not want the US to just remove Dec 15 tariffs. They also "insist" tariffs be rolled back.(Insist is the keyword pulled directly from the tweet. Obviously that's a non threatening way of threatening to not do what the US would like.)
As well, the experts they asked allegedly said a phase one trade deal could be reached but are split whether it could before January.
Source:
twitter.com/globaltimesnews
Note
Just looking at the chart, last few times MACD hit around this level and flattened out like it's doing now, 2/3 were around $20 drops over 6-22 trading days. The first dropped around $8 in 5 trading days. (Drops are approximate tops to approximate bottoms, not necessarily first down or up days)1- March 4, 2019: ~$8
2- May 1, 2019: ~$20
3- July 29,2019: ~$20
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