SPY
SPX
whats up guys hope everyone is having a good week.
was having some technical difficulties earlier this week so wasn't able to post any updates so I decided to do a bit of a deep dive into SPY and take a look at all time frames. primarily at the daily and weekly.
for the SPY I believe we must hold 415 for us to see any type of reversal to the upside. if we get a daily close below that level i think we could see accelerated selling all the way down to around the 400 level.
i also go over the weekly chart for SPX and showed my short idea on the weekly which so far is playing out nicely. in that analysis you can see the long term price target for the downside correction is around 3500
short term i could see a reversal to the upside as long as earnings are decent which so far they have been imo.
when deciding if im bearish or bullish...i am seeing more bearish tendencies in the market than bullish tendencies so i am going to have to continue with the short idea. specifically for the weekly.
let me know what you guys think. exciting market conditions if you ask me.
thanks everyone!
happy trading
mindset matters