On the daily chart, there are three bearish signals without even considering indicators:
1. Price is below the EMAs.
2. With a gap down.
3. From a coil spring.
On the weekly chart, the trend remains intact. However, if we drop below the fast EMA, a significant test will be the slow EMA.
The key level to watch is the low of the daily channel line at $554, which aligns with the weekly slow EMA at approximately $551. For me, that represents the definitive line in the sand for SPY.
1. Price is below the EMAs.
2. With a gap down.
3. From a coil spring.
On the weekly chart, the trend remains intact. However, if we drop below the fast EMA, a significant test will be the slow EMA.
The key level to watch is the low of the daily channel line at $554, which aligns with the weekly slow EMA at approximately $551. For me, that represents the definitive line in the sand for SPY.
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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.
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.