Here's an update on how I swing trade the market using SPY. This uses Bollinger bands and MAs. Specifically, the 5MA and 20MA.
We closed below the 20MA for the first time in a long time. This usually means a test of the lower Bollinger band. The exception would be if we rally and close above the 20MA within the next day or two. So...a bit of downside is on...
We may be in a head and shoulders pattern. There is tapering in the algorithmic pattern that indicates we could see a retracement into the upcoming Fed Powell speech on Thursday.
