SPY 200WK MA Bounce
Technical Analysis:
This
SPY weekly chart shows the full pandemic crash, rally, and subsequent reversal.
The white arrow points out a very clear bounce up from the 200 Week Moving Average.
Short-term impulse is up, but SPY is in a downtrend overall.
Macro Analysis:
Markets crashed hard and quick in March 2020, then rallied straight up for almost two years.
A top formed in the first few days of 2022 and began the reversal we are currently in.
We entered two bear markets in 2022. One ended prematurely in a bear market rally between June and August.
We may see a Santa Clause rally, but I don't think it will last. Expect resistance breaking above $390 between 10/27 and 11/4.
If we make it up to $400, look for a top around the current 100WK MA $417.50.
This
SPY weekly chart shows the full pandemic crash, rally, and subsequent reversal.The white arrow points out a very clear bounce up from the 200 Week Moving Average.
Short-term impulse is up, but SPY is in a downtrend overall.
Macro Analysis:
Markets crashed hard and quick in March 2020, then rallied straight up for almost two years.
A top formed in the first few days of 2022 and began the reversal we are currently in.
We entered two bear markets in 2022. One ended prematurely in a bear market rally between June and August.
We may see a Santa Clause rally, but I don't think it will last. Expect resistance breaking above $390 between 10/27 and 11/4.
If we make it up to $400, look for a top around the current 100WK MA $417.50.
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.