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SPY broke out of the rising
Wedge pattern and is now
Retesting the broken support
So we will be expecting
A further move down
Sell!
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Disclaimer: This is not financial advice. Please trade responsibly and at your own risk.
Optimal Entry Point: Aim to initiate a position around the price level of 515. This level is identified based on current market analysis and recent price behaviors that suggest potential profitability.
Critical Resistance Zone: Watch for a clear breakdown in the price range...
Anyone who has gone to the gas station has seen the price trickling up every week, from looking like it was approaching $3 to now headed towards $5 in just the last few months.
With tensions and uncertainty in the middle east and rising inflation combined with the fed deciding there will be no rate cuts anytime soon the market is ready to correct.
I have been...
SPY on the weekly chart is up 25% in the past six months. This is beyond its historical norms
even during a presidential election year. While there has been some volatility in both directions
the climb is consistent and persistent. The indicators serve to document this. The predictive
algo predicts more of the same. A price cut when the fed gets around to it...
I'm not a fundamental type of guy, I just look at what the chart give me, and as far as I see it from a Technical analyst perspective, this is nothing more but a simple ABC corrective wave from the super extended bull run we had previously. (Thus put the market in a bear market) We could either come back up to the 420 area to clear the shorts which would complete...
... for a 4.64 credit.
Comments: Targeting the <16 delta strike paying around 1% of the strike price in credit to emulate dollar cost averaging into the broad market.
Was starting to get somewhat worried that we would never have decent IV again. This ain't great, but I'll take it ... . Will generally look to take profit at 50% max.
SPY broke below the (blue) Channel Up and the only Support standing now is the 1D MA50 (blue trend-line). This level has been holding since the November 03 2023 break-out. If it holds, a new pattern will emerge but the medium-term bullish trend will stay intact.
If the 1D MA50 breaks though, we expect a bearish extension similar to August 15 2023, February 24...
Today looks to be a fight to stay above $500 for $SPY. Starting to see some consolidation in these areas. If AMEX:SPY can avoid a pit fall for the rest of the day, Calls will be on the menu. Nice simple and quick play. RSI already at 30.
At the end of last week, sellers confirmed weekly consolidation by closing below the previous week's low. From now on, bears have control over the price on the weekly timeframe. We should monitor the progression of weekly lows and highs to see when things start to shift, but until then, we should trust the sellers.
It is also notable that if we look at the futures...
SPY
- Classic bullish setup
- Our team expects bullish continuation
SUGGESTED TRADE:
Swing Trade
Long SPY
Entry Point - 510.83
Stop Loss - 507.58
Take Profit - 517.50
Our Risk - 1%
Start protection of your profits from lower levels
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If you haven't already purchased SPY after the 2023 forecast: forecast:https://www.tradingview.com/chart/idea/l6U1M9dJ/
then it's important to be aware that there's a significant bearish divergence in the RSI of SPY, the S&P 500 ETF, which initiated at $469.
Anticipating a technical retracement to $495, given its prolonged period of being overbought!
That nasty red candle from yesterday changed things. Price bounced off the short term trendline support today. We will see the market going crazy with no clear direction on the upcoming days. Buy I still think the SP500 will make another ATH. In the 4h timeframe looks liken a HS but I don't think is going to play out. We are in another consolidation phase. I'm...
The SPDR S&P 500 ETF Trust (SPY) exhibits signs of bearish momentum, underpinned by several technical indicators and recent price action. The ETF has breached crucial support levels, auguring a potential continuation of the downtrend.
Recent Price Action:
The latest candlestick pattern on the daily chart suggests indecision, characterized by a small body and...
The weekly indicators indicate the market will drop soon. I suspect the drop will occur within 1 month.
There is a triangle forming which indicated an upward or downward movement. Due to the weekly indicators showing a downward movement, I suspect the market will head lower but I will not rule out an upward move.
This move will only be a brief move, before...
Spy printed a SELL signal last week. Targets in the short term are $505.94, 492 and 478 where we have quite bit of support. Nothing goes in a straight line so sell the rallies!!
The SPY will continue to go up for 2 more days staying within this channel area. I suspect it will hit the target point I have indicated on my chart by Feb. 6th.
I have also used Fibonacci on this chart and you can see that both my time and target price prediction matches the Fibonacci retracement of 2.618 when it meets the top of the channel. The target price...
