Prediction for the week of 06062022 for the market
It seems that the SPY broke the down trend, even though we have to remember that we are below the 200ema.
It left behind a big gap above which needs to be closed. so we might see an attempt for it.
The break of the down trend needs to bring more buyers a.k.a. more volume bars. so a move back to test the support of 300-298 seems possible.
after that we will look for an entry to the upside. you can see that any move to the down side will create a divergence of long continuation.
But if the support wont hold it can be continuation of the down trend to test the 380 and even lower.
It left behind a big gap above which needs to be closed. so we might see an attempt for it.
The break of the down trend needs to bring more buyers a.k.a. more volume bars. so a move back to test the support of 300-298 seems possible.
after that we will look for an entry to the upside. you can see that any move to the down side will create a divergence of long continuation.
But if the support wont hold it can be continuation of the down trend to test the 380 and even lower.