S&P500 SPY DAILY DOWNTREND UPDATE
The decline in the S&P500 is going very orderly and according to logic.
This is just an update, where I have highlighted the 10-day support level (purple box labeled "10 Pd Supp.") where we are seeing support holding the market here today. I also highlighted the 202-201 level where 15-days of time have built a level of support too.
There is a 6-day downtrend in effect from the 6-day mode labeled and we are in day-4 of that decline.
So, if you are short, hold on but it is possible to have a decent bounce from here to life SPY back into the gap over 207 but likely won't be able to touch 208. I think a low-risk short will be again at the 207 level and my next target is the 202 and below that, the 197-194 area, which I think is the bottom for the spring and will wipe out bullish sentiment for awhile and set up a rebound into summer.
For now, let's just take one day at a time since this is so critical.
Cheers.
Tim
205.18 last SPY 12:01PM EST 3/11/2015
This is just an update, where I have highlighted the 10-day support level (purple box labeled "10 Pd Supp.") where we are seeing support holding the market here today. I also highlighted the 202-201 level where 15-days of time have built a level of support too.
There is a 6-day downtrend in effect from the 6-day mode labeled and we are in day-4 of that decline.
So, if you are short, hold on but it is possible to have a decent bounce from here to life SPY back into the gap over 207 but likely won't be able to touch 208. I think a low-risk short will be again at the 207 level and my next target is the 202 and below that, the 197-194 area, which I think is the bottom for the spring and will wipe out bullish sentiment for awhile and set up a rebound into summer.
For now, let's just take one day at a time since this is so critical.
Cheers.
Tim
205.18 last SPY 12:01PM EST 3/11/2015
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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.