SPY - 4Day View Confirms Bearish Weekly Continuation Incoming
SPY 4Day view is beneficial since this acts like "half a week". I find this allows to see weekly trends before they occur.
Price trend on 4Day has broken white uptrend channel.
Last several times there is no retracement back up after breaking the channel.
The pink channel support line is the same level as the 200SMA(red line). This occurs on Daily thru Weekly views.
For this reason, I think we retest the pink support line around SPY $300 and hit the 200SMA.
When we hit the pink line/200SMA, we will watch other indicators for continuation of breakdown or reversal.
In 4Days or less we should be able to see the continuation on the Weekly chart - confirming bearish downtrend continues.
Looking at last reversal, the pink channel acts as the "first stop" - correction.
Going further down into the main blue wedge, hitting the support is the reversal point back up.
Looking forward, we see the main blue SPY ascending wedge is coming to an end during Q4 2020.
Same time blue wedge ends - presidential election. Coincidence?
I think SPY walks the plank Q4 2020 or earlier.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, VIXY.
Short SPY and AAPL.
Price trend on 4Day has broken white uptrend channel.
Last several times there is no retracement back up after breaking the channel.
The pink channel support line is the same level as the 200SMA(red line). This occurs on Daily thru Weekly views.
For this reason, I think we retest the pink support line around SPY $300 and hit the 200SMA.
When we hit the pink line/200SMA, we will watch other indicators for continuation of breakdown or reversal.
In 4Days or less we should be able to see the continuation on the Weekly chart - confirming bearish downtrend continues.
Looking at last reversal, the pink channel acts as the "first stop" - correction.
Going further down into the main blue wedge, hitting the support is the reversal point back up.
Looking forward, we see the main blue SPY ascending wedge is coming to an end during Q4 2020.
Same time blue wedge ends - presidential election. Coincidence?
I think SPY walks the plank Q4 2020 or earlier.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, VIXY.
Short SPY and AAPL.