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SPY Retesting Original Channel, ShortI have noticed many folks on here adjusting the channel that SPY is in a bit too frequently. If we draw the original channel that we moved upwards in, it becomes more clear that SPY has fallen out of the channel and is now retesting that structure. I have updated my original idea, to now show only 1 option moving forward, as I believe this one is the most likely. (See prior post for that idea). I think the next gap to be filled will be the one below at 280. A rapid 15 percent correction could be the nudge that the Trump administration wants to give congress to push through more stimulus this month. Assuming this plays out, I will go long once that gap is filled as it is likely we see new highs and go parabolic into election season, that just seems to make most sense from a psychological standpoint, since this market clearly has no bearing on fundamentals at the moment. Also, sorry, meant to say "now retesting" on the chart.
AMEX:SPYShort
by aaronsmth5
2
S&P 500 Index Full Analysis (Still Bearish Here)S&P 500 Index Full Analysis (Still Bearish Here) I would like to give a full analysis of the S&P 500 Index (SPX) chart... Let's get started! We will look at my classic signals and then a general view. The classic bearish signals coming out of this SPX chart are as follow: The first thing to notice here is a lower high compared to the 8-Jun. I shared a chart on this date mentioning that the S&P 500 Index had peaked. The next thing we have is a test/challenge of EMA10 as support (meaning, from up to down). Since we have a lower high, the test of EMA10 signals lower prices. We follow with a bearish cross on the MACD. The RSI remains above 50 but trending lower, while the STOCH is showing a strong curve pointing down. We also had a rising wedge pattern, another classic, which broke already a few weeks back. The trading volume is going lower. Notice that the green volume was lower than previous days/weeks on the latest bounce that produced a lower high. General view (SPX Bearish) Don't get caught up in the noise, the hype, the news or \whatnot... Just look at the chart. I haven't read a piece of news about the SPX basically ever, for Bitcoin or anything else for a long while, yet, I can continue to read the charts are produce a high accuracy rate... Everything is here... Everything is on the chart. Keeping it simple... Trading below the "LAST PEAK" is bearish. If prices move and close below the "LAST PEAK", it opens the door for additional bullish action but still, there are many factors that keep the bearish view present since the All-Time High is still intact. So, we can see prices moving above the LAST PEAK which gives us a more bullish view but still remain cautious until the last high is taken out. As for the initial analysis... We are bearish based on all the signals we just shared above. What is your take my dear reader/follower/supporter? Thanks a lot for your amazing and continued support. Namaste.
SP:SPXShort
by AlanSantana
3
Double TOP then dropGo against the irrationality of the market and the supreme powers of the fed and you will be greeted with an inimical response instead, of the anticipated support. Oh no poor bears. A feast was expected but abashed they lay. The Bulls awe us and reverse the burn signal . I think we see 286 tomorrow, trade around that zone. An eventual push upward to the highs of this rally even, 300. A double top forms and our decent begins. The reversal pattern that formed the very first days of April would be similar to the reversal we could see now which would push the market up to 300.
AMEX:SPYShort
by arama-nuggetrouble
4
S&5-500After the first impulse from the local bottom, we'd corrected to the 38.2% Fibonacci then we bounced up. Now we are moving into the local downward channel that's a correction channel. We have already reached the level of 38.2% and started to grow. There is a possibility that we can still fall to 50% near the lower support line and after that, we’ll break the resistance of this channel and go to the next resistance lines. In general, I expect US market recovery for the next 2 quarters, so I don’t think that in the near future we will go straight to update the bottom. Key support and resistance levels you can see on the attached chart. Best regards EXCAVO
OANDA:SPX500USDLong
by EXCAVO
33