Will SPY Take a fall to end September?
Well we did try to climb back during the apple announcement and got a little juice leading into CPI, but it looks like Tuesday was not a pumper day but a sell off.
Now we are forming a little bit of a potential channel, I decided to draw it just to see if the price will respect it.
The middle line isn't really based on much, its just the same angle as the other 2 trend lines so we could see price bounce when it lands there or break through it if we are really bearish.
A lot of technical indicators are starting to roll over but have not completed the signal.
RSI has fallen under the moving average line and can foreshadow the other indicators.
If CPI comes in hot tomorrow I expect SPY will start its downward move.
The Blue line is the first level of support around where we landed after the August peak, if we don't respect that we will drop down to the yellow line which is where we traded after the Gap up following a good CPI print and dovish fed meeting.
The Green line is where we spent a lot of time accumulating throughout 2023 and represents a good return to value.
This is just my opinion. Tomorrow is the big day that will set the tone for the upcoming weeks.
Good Luck.
Now we are forming a little bit of a potential channel, I decided to draw it just to see if the price will respect it.
The middle line isn't really based on much, its just the same angle as the other 2 trend lines so we could see price bounce when it lands there or break through it if we are really bearish.
A lot of technical indicators are starting to roll over but have not completed the signal.
RSI has fallen under the moving average line and can foreshadow the other indicators.
If CPI comes in hot tomorrow I expect SPY will start its downward move.
The Blue line is the first level of support around where we landed after the August peak, if we don't respect that we will drop down to the yellow line which is where we traded after the Gap up following a good CPI print and dovish fed meeting.
The Green line is where we spent a lot of time accumulating throughout 2023 and represents a good return to value.
This is just my opinion. Tomorrow is the big day that will set the tone for the upcoming weeks.
Good Luck.
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.