SPY Stuck In A Range Inside A Triangle 360-410 Range July B/O

Updated

We are still stuck inside this Range triangle and this week closed smack dab in the middle again at 390 area. The next 6 Months will be range bound with an anticipated July Break Out to either the upside or downside.

Note

Because of price compression inside this triangle, there is 1. No edge and 2. No favorable risk to reward. I am sitting out

Note

Here is the weekly triangle on ES Futures. Notice the structure is range bound with a flat 21ema.

Note

Flat lined weekly 21ema shows Range bound price. Since October, the ema has been flat at 3950 area.

Note

MACD shows flat momentum on the weekly with a slight bearish bias

Note

Here is the 2008 chart showing very similar price action as of today. My whole point in this post is to show that I do not see any signs of bullishness and on the contrary, I see bearishness/ Ranging.

Note

SPY monthly shows way over extension

Note

False bullish narrative. This is what the bulls are expecting but price does not move this way.

Note

This is the type of bearish price action that I am expecting. The monthly MACD clearly shows bearish momentum still in play with more room to go. All signs point to SPY $200 where I will be loading the trucks up.

Dow_Jones_Maestro

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.