This is a MONTHLY chart. Every candle represents one month of price activity.
Please realize that this is only March 2. There is a lot of month left. The March candle can, and probably will, change dramatically.
If you have ever heard of "Broadening Formation", that is the major theme in this chart. If you haven't heard of it you can look it up online. It is interesting...
Basically, it says that higher highs create a rising trendline. And lower lows create a falling trendline. The price of whatever you are looking at will go from the rising trendline to the falling trendline until the price increases or decreases enough to get above or below the trendlines.
What I want to focus on is that the SPY was above the rising trendline but fell back below it last week. Today, March 2, it rallied back toward the rising trendline. From here, price will either continue higher and break above the rising trendline again, go sideways, or stay under the rising trendline. If it stays under the rising trendline, it may fall toward the falling trendline.
Good luck to you in your trading. Congrats if you were long today.
You will probably need to be nimble to make money in a market like this. Up 1000ish, down 1000ish, and so on, is not a normal market. Be aware...
Please realize that this is only March 2. There is a lot of month left. The March candle can, and probably will, change dramatically.
If you have ever heard of "Broadening Formation", that is the major theme in this chart. If you haven't heard of it you can look it up online. It is interesting...
Basically, it says that higher highs create a rising trendline. And lower lows create a falling trendline. The price of whatever you are looking at will go from the rising trendline to the falling trendline until the price increases or decreases enough to get above or below the trendlines.
What I want to focus on is that the SPY was above the rising trendline but fell back below it last week. Today, March 2, it rallied back toward the rising trendline. From here, price will either continue higher and break above the rising trendline again, go sideways, or stay under the rising trendline. If it stays under the rising trendline, it may fall toward the falling trendline.
Good luck to you in your trading. Congrats if you were long today.
You will probably need to be nimble to make money in a market like this. Up 1000ish, down 1000ish, and so on, is not a normal market. Be aware...
