02/11 SPY - short term play -
Updated
S&P retested RSL for three consecutive days only to confirm there are many sellers in that area.
Sell volume is increasing, creating daily doji candle, there is a good possibility that S&P will retrace back to 377 area.
Technical reasonings:
1. RSL trendline retested, seller defended that area.
2. Red Doji candle on 02/10 after an uptrend, is a bearish signal
3. Sell volume increased at ATH, where RSL acted as a resistance, is sell signal
4. Stoch crossed at ATH, possible reversal
Target : 377 area.
Sell volume is increasing, creating daily doji candle, there is a good possibility that S&P will retrace back to 377 area.
Technical reasonings:
1. RSL trendline retested, seller defended that area.
2. Red Doji candle on 02/10 after an uptrend, is a bearish signal
3. Sell volume increased at ATH, where RSL acted as a resistance, is sell signal
4. Stoch crossed at ATH, possible reversal
Target : 377 area.
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