Megaphone - Bearish
SPY weekly looking interesting heading into the week. Staying hedged with the SPY holding another megaphone. The SPY is being carried by buyer volume with some hidden bearish divergence on the RSI and nearing overbought territory yet again.
With so many sectors and indexes flashing red and a massive bearish cipher on the weekly timeframe as further confirmation, looking forward to playing the downside.
Some FIB levels and RSI-based supply and demand zones to keep an eye on in the meantime (Accompanying Charts Attached Below)
https://www.tradingview.com/chart/SPY/rMIlh1De-SPY-Bearish-Update/
https://www.tradingview.com/chart/SPY/Ddgk9nRN-SPY-Bearish-Update/
With so many sectors and indexes flashing red and a massive bearish cipher on the weekly timeframe as further confirmation, looking forward to playing the downside.
Some FIB levels and RSI-based supply and demand zones to keep an eye on in the meantime (Accompanying Charts Attached Below)
https://www.tradingview.com/chart/SPY/rMIlh1De-SPY-Bearish-Update/
https://www.tradingview.com/chart/SPY/Ddgk9nRN-SPY-Bearish-Update/
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.