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SPY about to move with Tesla inclusion and Stimulus I spotted a dragon fly doji followed by all-time highs. I drew an idea of potential price movement in a downward move. The $371 mark is clearly a resistance and it is funneling into a wedge. If it breaks 371$ we could see some price movement to the upside. With the tesla inclusion starting over the next 3 trading days we could see some downward movement. The index has to spend money to buy up shares of tesla. In the Yahoo inclusion to the S&P we saw a dip in the SPY during that event. With the world in chaos while the market is high on hopes of stimulus we can go either way. All I know is there should be a significant move here shortly. Give me your thoughts in the comments below.
AMEX:SPY
by wesbrown4050
4
Bullish divergence on SPXSSPXS has been slowly gaining strength. The RSI is reversing from oversold territory while the OBV bounced off a support. Similar price action can be seen before the March pump. With the S&P and major tech stocks at all time high, it may be wise to get a hedge. In addition, US election limbo may lead to high volatility in the coming weeks. This is a short term trade. Do not hold long term due to its decay. Price targets: 4.85 6.5 Note: This is not financial advise. Please do your own research.
AMEX:SPXSLong
by CryptoPaily
SPY Holding Up During Holidays? Happy Holidays! After seeing the AMEX:SPY hit ATH last week, some wonder if the flame has just been lit or if it's being put out. Will the market hold strong into the New Years' or will it start a correction as Biden makes his way into office. Right off the bat, I see a few key levels to watch starting with $363.22 as Monthly support and $365.73 as weekly. We should also watch $369.84 and $371.05 as weekly resistance. As the vaccine is distributed nationally and globally, we could aim to expect a continuation up that is unless we see negative news about this pandemic or vaccine. We also need to remember that Biden will be making his transition into the White House on January 20th, 2021. God Bless America
AMEX:SPY
by DotcomJack
3
DOW Trading Under ATH | New Years WedgeAfter seeing the DOW hit ATH last week, it looks like it could continue sideways for the next week or so as we approach the holiday season. I'm watching $29,820 as weekly support and $29568 as Monthly support. Looking toward the upside, we've tested the $30,325 range as ATH twice in the last week, confirming it as a strong level of resistance. I'll be watching this wedge moving into the week as we watch for a breakout. As the vaccine is distributed nationally and globally, we could aim to expect a continuation up that is unless we see negative news about this pandemic or vaccine. We also need to remember that Biden will be making his transition into the White House on January 20th, 2021. God Bless America
TVC:DJILong
by DotcomJack
3
11/27: Cover your ears and yell "no news is good news!"We're teetering on the tip of a correction. The market is out of good news. The technicals are beginning to slip from the bulls. I'm starting to think that most retail investors are an unimaginative bunch if they can ignore all these warning bells and still attempt a rally. Low volume trading has mostly favored the bulls. In fact, buying is so feverish in the future that they usually have to be corrected in the morning. This market floats toward the top , and that means that professional money has to work harder to keep it in line - and it's clearly not up to the task this week - meaning that this ends up going too far and has to be corrected. In what world are the futures supposed to jump up .3% on the "no news is good news" premise? But even that shouldn't be enough as you can see next. Let's take a look at the news. U.S. sets record of more than 90,000 COVID-19 patients in hospitals, and health-care workers warn situation is dire Walt Disney to lay off 32,000 as virus hits parks. The coronavirus is erasing jobs again and raising the specter of a weak November employment report In all fairness there was one bit of positive news: Astra Zeneca's Vaccine is ... you already know the number: 90% effective (no surprise, it's already been priced in; in fact, in the study, they said that their original does was far less effective and they discovered the 90% combination by accident - makes me at least a teeny bit concerned). But other than that all the other positive headlines were just about the records the market was setting. The market is pumping for no good reason. It will soon have to dump. In the price action, it took a crack at the $365 resistance both in the future and during the day. Both times it was rebuffed. It even began a nice healthy drawdown towards the end of the day, attempting to erase all the gains the futures had secured overnight. An unusually active final hour saved it from a net loss and propelled it back towards a .25% gain for the day. But all the short-term price action won't solve the fact that the long-term technicals are beginning to turn against this bull run. RSI divergence is slowly beginning to favor the bears in some of the mid-range timeframes. They will take another whack at the $365 line on Monday in what is sure to be a volatile fight over the near-term future of the market. In the absents of news I would say it's likely that we opening way up on Monday, see a drawback, then another run-up mid-day. Beyond that; I don't know who will win. If you're a fan of the catalyst theory - that is that this market needs a wake-up call in one headline to receive any meaningful negative action- then you might just be proved right next week. The situation will the virus is worsening faster than the vaccines can reach the people who need it. Expect poor employment performances all through the winter, and remember that seasonal workers are still a thing that can influence those numbers unduly to the positive. Enjoy the weekend. I read the comments, so if you'd like to discuss some theories with me I'm all ears. This is just some thoughts on the market, not formal advice. Don't rely on my opinions to place your trades.
AMEX:SPYShort
by PreferredStonk
1
Interesting theory on SPY: possible ST short?Bear case (just a theory): If we take a look at time and space on this daily chart, 25 bars (35 days) for the trough-peak-trough before the election. If we take the FDA talk on the vaccine for the same whatever reason, I believe there is a possible downside of ~9% until Dec 9th, a trough-peak-trough total of 29 bars (36 days). - Yellow trend line act as support. - Volume has been a downtrend. - The two overheard white trendlines represent a strong resistance on the daily and weekly charts. (candles move easier towards less resistance direction) - Technically only tested bottom support twice (red shadow or yellow trendline), possibly the third time? - Small rsi divergence on weekly. Bull case: Priced in. Spy looking to break overheard trendlines or move closely with it. - Tested the overhead trendlines three times with the last retest completed, possibly going higher. (green arrow) - Options pricing in more downward risks but not so much upside risk. (this is normal due to the nature of hedging) pasteboard.co - For educational purpose: www.tastytrade.com - Some of the macros: 10yr yield steady uptrend, low vix, gold downtrend, dollar going for new low since march. Just a theory, will keep my longs on, may just short with an option contract or two to defend downside risk.
CME_MINI:ES1!Short
by dannycc24
SHORT SPY AT 360 TARGET 320 Market is way up and totally disconnected with current scenario. It is just wrong along with vaccine news market keeps going up which doesn't make any sense at all in this period. It will literally take over 2-6 months to start vaccination in phase period and before that with upcoming holiday season and increasing cases of COVID 19 . There's going to be disaster whether it's biden or trump both are stupid. Low volume and market keeps rising with rsi lacking is not at all good sign to open a new positions infact. I would suggest that better to book profit lay back and watch the market. It's always better to not be in the trade rather than be in wrong trade. Views are my personal. If you like to add any additional comments you can share.
AMEX:SPYShort
by STOCKBROS_95
7
SPY - S&P500Just as feared, SPY did not break the resistance. Will need a bigger push to break that resistance. Back to 351 - 352 range tomorrow @EMA55. 1.2 billion was out from the market later in the afternoon today which made SPY go down. Since cases are rising and lock downs are initiating by some states, it is unlikely that onshore and offshore investors will invest, infact they will be taking their profits out given with all the uncertainty. Afterhours is red @8:05PM CST Please do your own Due Diligence!
AMEX:SPY
by mrrobobot