Checking back in with SPY at the moment. The FED is doing (has been doing) everything possible to keep this train moving up even though most of the country is at a standstill, companies are racking up more debt, and the unemployment rate continues to climb along with COVID19 cases. Rates are at 0, their pumping money to buy back bonds and securities , banks reserve rates are now at 0% down from the 10% and QE is still going.They're going to have to print more $$ or come up with other tactics/instruments to make sure we stay afloat.
There is a W shaped bottom as you can see on the chart. Usually this pattern takes a couple of months to form. We were able to do it in 2 weeks, so I'm not fully convinced this was the bottom yet as of yet. It also appears the chart is forming a rising wedge pattern which usually breaks to the bearish side. That being said, the trend is your friend so I'm riding this upward momentum until exhaustion with tight stop losses until a confirmed bearish close outside the the wedge.
Targets we're watching:
1. A break outside the wedge
2. The 290 price range
Hit us with a like and a follow for more updates. Cheers!
Disclaimer:
I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor.
All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. I will not and cannot be held liable for any actions you take as a result of anything you read here.
Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on here, expressed or implied herein, are committed at your own risk, financial or otherwise.
There is a W shaped bottom as you can see on the chart. Usually this pattern takes a couple of months to form. We were able to do it in 2 weeks, so I'm not fully convinced this was the bottom yet as of yet. It also appears the chart is forming a rising wedge pattern which usually breaks to the bearish side. That being said, the trend is your friend so I'm riding this upward momentum until exhaustion with tight stop losses until a confirmed bearish close outside the the wedge.
Targets we're watching:
1. A break outside the wedge
2. The 290 price range
Hit us with a like and a follow for more updates. Cheers!
Disclaimer:
I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor.
All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. I will not and cannot be held liable for any actions you take as a result of anything you read here.
Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on here, expressed or implied herein, are committed at your own risk, financial or otherwise.
Note
We now have both:1. A break outside the wedge
2. The 290 price range
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.
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.