SPY: Very bearish! What could make it bounce?
• So far, SPY is heading to the next support at $360.69, indicating we have a few more bucks to drop, and there’s no technical evidence pointing to a reversal. In the daily chart, at least, there’s not a single bullish pattern yet;
• We see some open gaps (yellow squares), and they will become targets, in the future, if (and only if) SPY triggers a reaction;
• In the 1h chart we see a possible bullish structure, a Double Bottom chart pattern. Keep in mind, this pattern wasn’t triggered yet, and maybe SPY won’t trigger it at all, but it is important to keep in mind a scenario where it’ll break the $370.21;
• By triggering this Double Bottom, SPY would bounce back up to the $388 (its next target);
• In my view, I would prefer to see it bouncing after a retest of the $360, but this could work too;
• This wouldn’t be a true bullish reversal sign, and maybe would be just a Dead Cat Bounce, but could be the beginning of a true mid-term reversal. I’ll keep you guys posted on this.
Remember to follow me for more analysis like this! Keep in touch.
• We see some open gaps (yellow squares), and they will become targets, in the future, if (and only if) SPY triggers a reaction;
• In the 1h chart we see a possible bullish structure, a Double Bottom chart pattern. Keep in mind, this pattern wasn’t triggered yet, and maybe SPY won’t trigger it at all, but it is important to keep in mind a scenario where it’ll break the $370.21;
• By triggering this Double Bottom, SPY would bounce back up to the $388 (its next target);
• In my view, I would prefer to see it bouncing after a retest of the $360, but this could work too;
• This wouldn’t be a true bullish reversal sign, and maybe would be just a Dead Cat Bounce, but could be the beginning of a true mid-term reversal. I’ll keep you guys posted on this.
Remember to follow me for more analysis like this! Keep in touch.
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