After the brief bounce we saw today, it seemed like buyers just were not able to muster enough momentum to derail SPY's downward move back below $200.00. As of 11:38 PM ET, /ES minis were trading 17.50 points down which could spell trouble for SPY with a significant gap downward Wednesday morning. If SPY opens below $200.00, I think the ~194.00 target is pretty much set in stone by the end of the week or early next week at the latest.
TECHNICAL ANALYSIS:
Agree? Disagree? Any feedback would be greatly appreciated! Thanks, and happy trading!
TECHNICAL ANALYSIS:
- Candle: Doji (Bearish-Stock was mixed all day today but was still unable to keep it green past close
- Volume: Increasing Selling Volume (Bearish)
- Stochastic (Slow): %D hovering around 30, %K descending, but greater than %D - Nearing a cross (Bearish-Sellers still have control of the market)
- MACD: Histogram negative and descending, MACD below signal (Bearish)
Overall Trend: Downward-20 day EMA (Blue Line) just about to cross 200 day EMA (Blue Circles) (Very Bearish)
Agree? Disagree? Any feedback would be greatly appreciated! Thanks, and happy trading!
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.
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.