Friday Notes - SPX USOIL GOLD DXY WHEAT BTC TLRY
Everything in the video I also talk a bit about market psychology and why it's problematic to think the "news" is the cause of price movement.
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On SPX cash we really haven't broken the channel trendline and it bothers me that this is the case. It is very possible this is just a B of an ABC and so I want to urge caution. It looks more bearish on futures, but when I see discrepancies like this I get cautious.
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SPY looking similar - a close today above 368 on spy and I would urge caution for shorts into next week.
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IF they recapture 3730 today on futures the daily candle will look like a false breakdown and we go higher likely next week. I will update if that happens.
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Futures look like a bearflag,
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SPY looks like it lost trend. lower into EOD would be good for bears. A recapture by EOD would be good for bulls.
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SPY at a support level and the .618 fib - typical buy zone for many. I'm taking some profit here in case something weird happens and they reverse it.
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bear flag continuation to 3580 likely. Will reevaluate once that level is reached. Going out for the day - good luck!
Comment:
head and shoulders target reached
