Get started
SPDR S&P 500 ETF TRUST
Long

Symmetrical Triangle - Update

By jacobosiason7
Posting an update on the SPY here as the markets closed out the week in somewhat of a make-or-break spot. The SPY continued to follow the bearish megaphone that it's been holding for months with its 50-day SMA slipping below its 200-day SMA (Death Cross). However, the SPY is holding a notable rising wedge on the weekly timeframe accompanied by declining bullish momentum as the Heikin Ashi Candles would indicate. The SPY is holding a nice symmetrical triangle on the daily timeframe, with buyers and sellers fighting all week. This comes as the markets head into a big week economically speaking. With the USD sliding and geo-political turmoil rising, the markets are in unchartered territory. Treading lightly here, some RSI-based supply and demand zones to keep an eye on in the interim, bearish and hedged-
--Previous Charts Attached Below--

--Weekly Timeframe--
https://www.tradingview.com/chart/SPY/CHl8ZdcF-SPY-Weekly-Update/
https://www.tradingview.com/chart/SPY/XQjMk55x-SPY-Update-Heiken-Ashi/

--Previously Charted--
https://www.tradingview.com/chart/SPY/COQaozMU-SPY-Bearish-Megaphone-Update/
https://www.tradingview.com/chart/SPY/5s5D4ME1-Bearish-Megaphone-on-the-SPY-Update/
Bearish PatternsChart PatternsTechnical IndicatorsmegaphoneRising WedgeSPX (S&P 500 Index)S&P 500 (SPX500)SPDR S&P 500 ETF (SPY) supply_and_demandsymmetrical_triangleTrend Analysis
jacobosiason7

Related publications

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.