Spy respected the trendline I drew a few days ago almost to the penny. Holding 390 and bouncing is a big deal. Spy is going above 400 short term and it may be a long time before we see another dip under 400 if we ever do.
Spy sold off aggressively this morning before bulls stepped in and bought it up. We are seeing a very obvious hidden bullish divergence with the RSI. I don’t see much more downside from here. Maybe a little sideways chop but for now I think this is near bottom. For now.
Bulls were able to close the gap down this morning but found a strong resistance at fridays close. Bears are still in control. Watch for support at the previous gap ups on the way down. A retest of lows is not out of the question.
Not convinced this is going higher or lower. Partial gap fill but could be forming a right shoulder. Would have liked to see higher volume to trust the rally into close today. Volume all week has been very low. Powell speaking tomorrow morning. Looking like 3 straight quarters of negative GDP. Inflation peaking is one thing. The fed needs inflation to come down. I...
Spy got the break down of the ascending channel everyone was watching for. Today even with bad new home sales and pmi data the bears were unable to continue the sell off. Price consolidated all day and looks like a hidden bullish divergence is showing on the RSI. I think spy tests and breaks the 200 dma next.
Spy will have big resistances at the 200 day and 50 week moving averages but I think with enough momentum it can get there. Rejection could come hard and fast at 432
Clear signs of weakness past couple days. SPY gapped down 2 days in a row but was able to close gaps both days. Today it found support at the bottom of the ascending wedge but rejected the 200 day moving average. Possible head and shoulders over past three trading days. Could be sign the top of this rally is in.
Hoping to go short at 433. Major confluence of resistance: descending trendline from ATHs, 200 day moving average, .618 fib retracement, top of ascending wedge. Overbought for the first time since ATHs.
So far spy has failed to regain 200 dema. Price has been consolidating higher on decreasing volume. Today price opened below trendline of past few weeks rally, retested it and it acted as resistance. CPI is obviously a catalyst tomorrow. But based on technicals I’m leaning bearish. Not to mention nonfarm payrolls last week were great and spy sold off 1% instantly...
As you can see SPY has been on a pretty aggressive rally but I see signs it is running out of steam. Spy made a higher high in price today but a lower high on the RSI. It has also been seeing decrease in volume as it consolidates higher.
A sharp and unforgiving retracement however, technically the stock looks great. Price has respected Mid bollinger band and SuperTrend on the daily and the Ichomoku clouds signal brighter days ahead.
Here we are looking at Heiken Ashi candlesticks to get a better picture of the overall trend in AMC over the past couple months. The RSI and MACD both at neutral/oversold and look ready to reverse to the upside. Price tested lower bound of Bollinger Bands and bounced HARD back above it. A bullish Harami was created friday July 9th indicating a possible reversal of...
