SPY got crushed -2.4% on Friday.
Support zone is at 296.5- 298.5 at 50 DMA and 200 DMA respectively.
All major indices again lost more then 2% on Friday.
Remember the 6% one day drop 12 days back. Well, that's a gonzo bearish candle. We are now in a new bearish channel.
For me to turn bullish ES futures first need to take out 3157 (SPY 316) and then 3188.50 (SPY 319).
The clue for the bearish market is sick XLF (-4.3% loss on Friday).
But always be wary of market supportive:
-Tweets
-FED actions
-Corona vaccine planted news
Support zone is at 296.5- 298.5 at 50 DMA and 200 DMA respectively.
All major indices again lost more then 2% on Friday.
Remember the 6% one day drop 12 days back. Well, that's a gonzo bearish candle. We are now in a new bearish channel.
For me to turn bullish ES futures first need to take out 3157 (SPY 316) and then 3188.50 (SPY 319).
The clue for the bearish market is sick XLF (-4.3% loss on Friday).
But always be wary of market supportive:
-Tweets
-FED actions
-Corona vaccine planted news