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Bluechips

SPY oh SPY Welcome back traders! Here we are once again on the 1 hour chart for the SPY, I prefer to look at smaller time frames to get a better idea what's happening behind the scenes, because you can look at longer time frames but miss smaller details going on. So what we see here going on today on the SPY is... 1. it indeed fully rejected my blue box as I had said before, then fell down and bounced off the bottom of the smaller descending triangle 2. After that rebound it ONCE AGAIN tried to break through my blue box, but this time couldn't even break into it! Now I forgot to mention last week but I could sort of see this coming being the blue box I set up on the MACD, the averages were coming back down and were just boundddd to bounce off, sure enough they did, went bullish for like 1 candle and that was that. Now it has broken through the cloud here on this chart so I'd expect some continued but jagged upward movement, such as I illustrated with my blue lines I drew bouncing off the descending triangle. I see this action happening but remember if we see this continued bullish movement we still have our much larger descending triangle that we are still trapped in. Till we break out of that will I personally say that we're once again bullish on the long run. As always good luck & safe trading my friends! Till the next one!
AMEX:SPY
by therealhybrid
SPY fights back! Welcome back traders! Here we are once again on the 1 hour SPY chart and looks like the spyders are fighting for their own! It just completely broke expectations and shot up and through the smaller triangle after multiple bounces at the bottom. However, it is once again struggling at my blue box that I had previously set up as an area of resistance last week. One thing I did notice was that the MACD had created an ascending triangle there and could've hinted us at this break. I'll keep a close eye as to how it reacts to the box being that it's still trapped inside. ALSO, don't forget we ARE still in a larger descending triangle, so I wouldn't take this as 100% bullish...YET. As always good luck & safe trading, till the next one!
AMEX:SPY
by therealhybrid
I SPY with my little eyes...Welcome back traders! Let's get to it, here on the 4 hour chart we can see that the SPY has indeed cracked right through the bottom of the smaller triangle and with that green candle what I see is a rebound (the 1 hour chart paints a better picture of this). SO, to keep things short and simple, what we could see tomorrow is an open initially trying to break the bottom of that triangle but ultimately will fail and continue on down towards it's final thread. Once there I wouldn't expect a straight break, there'd be some jigsawing there before it decides to break. Now this could all go the opposite way BUT all signs seem to point straight to this! So I'd be keeping an eye out and expect to see something along the lines of that curve that I've drawn. 1 hour, 4 hour and 1 day charts have all closed the day showing a bearish MACD, thus supporting this possible outcome. As always good luck & safe trading, till the next one!
AMEX:SPY
by therealhybrid
Weekly outlook for the SPYWelcome once again traders! Giving you a weekly outlook on what we could see on the SPY and it's children this upcoming week. So here we are on the 2 hour chart, we've got a very clear rejection of our blue box there that I stated in my last analysis saying that this zone would be significant in deciding some future movement. Now, we have a couple of things to watch here, first, we've got a clear double bottom within one of our descending triangles, not a very strong signal however since it just got rejected at the blue box, but still worth noting. Second, we've got 2 descending triangles to watch for, the first is the smaller one where the double bottom is formed, a break out of the bottom of that one and we'd only have one more string to hang off of, the 252.97 area, a break of that one too and we could see a continuing collapse. Now if we break out through the top of the smaller descending triangle we still have to break through the top much larger one, if successful then we can continue on with good 'ol bullishness, if it is to fail, then watch out below! Keep an eye out for these for these couple of signals throughout the week. As always, good luck and safe trading! Till the next one!
AMEX:SPY
by therealhybrid
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