Potential of SPY for week beginning 26 September 2022
The SPY has entered the danger zone on Friday Sep 23, 2022.
The Danger zone currently appears to be holding the prices, however the weakness of the week can potentially continue and force the failure of the zone.
The close of the week was 17.91% of the weekly range and was very bearish. 66.91% chance of continued declining movement.
The current weeks range is ~26.02 points. The average weekly range is currently at 18.14 points, this range was exceeded by 43% (or 7.88 points).
Potential of a ~30% rally of this range (~8 points) to establish the high for the week.
With a potential failure of ~ 70% of the range (~18 points) to establish the low for the week.
The previous week, the average weekly range was at 17.69 points with an actual travelled range of 29.62 points, exceeding the average by 67% or 11.93 points.
There can be slowing of the volatility and thus in range in the week to come. This could result in a condensed range than previously estimated.
There is a 66.91% chance of prices making a lower high (than previous bar) and lower low (than previous bar)
There is a 12.03% chance of prices making a higher high (than previous bar) and higher low (than previous bar)
There is a 10.88% chance of prices staying between the high and the low of the previous bar.
This would then begin a new support and resistance range and depending on how the week closes, the directional attitude of the first week in October.
The Danger zone currently appears to be holding the prices, however the weakness of the week can potentially continue and force the failure of the zone.
The close of the week was 17.91% of the weekly range and was very bearish. 66.91% chance of continued declining movement.
The current weeks range is ~26.02 points. The average weekly range is currently at 18.14 points, this range was exceeded by 43% (or 7.88 points).
Potential of a ~30% rally of this range (~8 points) to establish the high for the week.
With a potential failure of ~ 70% of the range (~18 points) to establish the low for the week.
The previous week, the average weekly range was at 17.69 points with an actual travelled range of 29.62 points, exceeding the average by 67% or 11.93 points.
There can be slowing of the volatility and thus in range in the week to come. This could result in a condensed range than previously estimated.
There is a 66.91% chance of prices making a lower high (than previous bar) and lower low (than previous bar)
There is a 12.03% chance of prices making a higher high (than previous bar) and higher low (than previous bar)
There is a 10.88% chance of prices staying between the high and the low of the previous bar.
This would then begin a new support and resistance range and depending on how the week closes, the directional attitude of the first week in October.