SPDR S&P 500 ETF TRUSTUpdated Spy possibilites, wrong untill proven wrong?
Rejection from .618 fib near golden pocket, possibility of leg down to 350, otherwise Trend projections show us trying to capture the 200MA around 434, Took a position friday 400.18 Top wick, initial target for entry was 401.34. Closed off at the 20MA touch around 393
So far we hit an initial reversal stage, but the initial double bottom had happened on a 5y Chart on the 200Ma 363.18 after touching down to 362.17 and recapturing the 200 and we have been trending since then with minor pull backs leading into trend continuation.
If we can continue, I'm looking for the trend to break 400-405-411 up to 419, and begin trying to test higher into 423 area.. over the course of the next month, but this will also depend on how the rest of the remaining big names earnings go, and the GDP near End of the month with FOMC. I'm neutral and will take whichever side though plays into my hands. Tested entry Friday at 1.73 to 7.02 -- Will see how it continues to play out.
If the GDP is bad, I'm leaning to a leg down though. But we will see!
I'm curious to any agreements or disagreements.
So far we hit an initial reversal stage, but the initial double bottom had happened on a 5y Chart on the 200Ma 363.18 after touching down to 362.17 and recapturing the 200 and we have been trending since then with minor pull backs leading into trend continuation.
If we can continue, I'm looking for the trend to break 400-405-411 up to 419, and begin trying to test higher into 423 area.. over the course of the next month, but this will also depend on how the rest of the remaining big names earnings go, and the GDP near End of the month with FOMC. I'm neutral and will take whichever side though plays into my hands. Tested entry Friday at 1.73 to 7.02 -- Will see how it continues to play out.
If the GDP is bad, I'm leaning to a leg down though. But we will see!
I'm curious to any agreements or disagreements.
Note
Above D1 50EMA 394.25 broke into 400 range, but rejected while taking pushing past prior days high and open 398.84, perhaps looking for some pull back into low 390s, unless the continuation intends on breaking higherNote
Did pull back in low 390s and went back to test 400, curious on Daily 200MA test plotting into pitchfork. GDP/Apple, lets see how it goes.Note
Possibly targeting 417 since 200 is now descending, for short if it faces solid rejection 200ema 4, other wise possible completion to 425 of pitchfork plot. 4h RSI overbought/yet trending, approaching 410 area.
Trade closed: target reached
Daily 200MA 433.53 slowly descendingDaily 200EMA 417.81
Weekly ( long term SMA) 50 434.70
200MA 352.61
200EMA 362.17 ( july bounce low )
My initial goal has been reached and will now be speculating
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.