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jacobosiason7

SPY- Potential reversal & key levels to watch

Short
SPDR S&P 500 ETF TRUST (AMEX:SPY)  
jacobosiason7  
AMEX:SPY   SPDR S&P 500 ETF TRUST
Trend Analysis Chart Patterns Parallel Channel Technical Indicators Bearish Patterns rising_wedge fib supply_and_demand long-term overextended overbought reversal
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trendanalysis chartpattern parallelchannel indicator bearish rising_wedge fib supply_and_demand long-term overextended overbought reversal
The SPY closed on Friday finally breaking below the channel that it's been holding for quite some time now, and closed sitting on the 50-day SMA. Every time we've previously touched the top channel line, the SPY has fallen to the bottom channel line and bounced right off (see charts below). However, there is a very clear shift in seller volume starting to outweigh buyers, and RSI taking a steep drop EOD on Friday after hovering in overbought territory for quite some time as well. Just some FIB levels and RSI-based supply and demand zones to keep an eye on- personally bearish here as the markets have been way overextended for a long time now in my opinion. Trade safe, and look for potential long-term entries on fundamentally sound stocks.

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