Love it when a plan comes together.
Watching 492 this week as it is the 21ema on the weekly chart. Need to see where the weekly candle closes on Friday. A close below hints at more downward momentum. A close above would take confidence away from the bears as we head into May and await fed data.
A look at the daily chart will help support my last post. You have the MACD divergence, the trend breakdown, the volume spike... nothing about this looks bullish to me. If anyone has a different outlook I'd love to hear it. If I'm not seeing something, please let me know.
Bearish MACD divergence continuing to play out with a breakdown of wedge trend line. We saw the 508 target get hit today and still face layers of resistance overhead (512ish-515ish-518ATH) ....AND there is a gap still to be filled below (501ish-497ish). If we're going to make another respectable run at ATH then we need to fill the gap and let this MACD divergence...
AMEX:SPY is looking at a possible wedge breakdown with a bearish MACD divergence and heavily stacked overhead resistance levels. 3/15/24 Bearish EOD targets 512.03, 508.98, 505.91
