Outlook for SPY, doesnt look too good..
This is what I have charted up for the short time frame of things for SPY
I am expecting a test of support trend line at 475.68. From there i am looking to see if we will break the support or if we will bounce again to test the upper trend line resistance at 478.55
Even if we do get a retest of the UPPER trendline, I anticipate that the lower support to be taken out and we will begin a BEARISH trend, down to $462.18, with minor supports at 470.83, 468.04, 462.20 and possibly 456.15 and 451.17. These last two are extremes. If they are taken out, we are looking at a higher time frame correction and a larger move down
None the less, i will be analyzing at these supports for a possible, nice BTFD opportunity
I am expecting a test of support trend line at 475.68. From there i am looking to see if we will break the support or if we will bounce again to test the upper trend line resistance at 478.55
Even if we do get a retest of the UPPER trendline, I anticipate that the lower support to be taken out and we will begin a BEARISH trend, down to $462.18, with minor supports at 470.83, 468.04, 462.20 and possibly 456.15 and 451.17. These last two are extremes. If they are taken out, we are looking at a higher time frame correction and a larger move down
None the less, i will be analyzing at these supports for a possible, nice BTFD opportunity
PG13
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.