S&P 500 IndexShort
SPY500 (17-May-2020)
Monthly chart of SPY is uptrend and entering the resistance area.
Weekly chart shows that SPY might be going into consolidation zone and ultimately form a shoulder.
Daily chart shows that the price tried to pass through the resistance zone for weekly but unsuccessful.
So the probability and possibility to go down is higher than going up.
Looking at 4 hour chart, shows that the price is moving downwards more than upwards.
Looking at the shorter time frame, it is quite messy and don't really understand it.
So ignore those chart that you do not understand and trade longer time frame chart.
Weekly chart shows that SPY might be going into consolidation zone and ultimately form a shoulder.
Daily chart shows that the price tried to pass through the resistance zone for weekly but unsuccessful.
So the probability and possibility to go down is higher than going up.
Looking at 4 hour chart, shows that the price is moving downwards more than upwards.
Looking at the shorter time frame, it is quite messy and don't really understand it.
So ignore those chart that you do not understand and trade longer time frame chart.
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