spy might have possibly turned bullish
Many people have been posting on a triple top that might be occurring on spy but completely missed the double bottom formation that recently occurred. The "W" formation seen here indicates a clear double bottom. Now this double bottom is still no confirmation for a bullish run to new highs as we see a real possible double top might occur at its previous ATH levels. If tomorrow Monday opens up above the blue trendline we can conclude that spy could reach its previous high of 358 and will make an attempt to break through on to a new ATH, but failure to break through might cause another massive sell-off. If SPY does gap up higher we need a massive amount of volume in order to continue its upward trend, but as we see volume has been decreasing daily. If the volume is high Monday I will be long on spy and if opens above blue trendline, however even if spy opens up above blue trendline and volume is low, I will not be long since this could be an indicator for a possible reversal.
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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.