Considering the last two days of trading; there is a real possibility of the SPY testing 253.64.
- Weak volume on the upward trend which formed a double top before finally falling off on Friday (Panic Selling)
- It cracked the Fib 50% at close.
- Confluence Line sits at 253.64, which is also an area of support.
Overall, watch the chart for 253.64. If it breaks that level expect the trend to continue down.
- Weak volume on the upward trend which formed a double top before finally falling off on Friday (Panic Selling)
- It cracked the Fib 50% at close.
- Confluence Line sits at 253.64, which is also an area of support.
Overall, watch the chart for 253.64. If it breaks that level expect the trend to continue down.
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As of 1114 EST, futures showing green. Let's see it holds into the morning.
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Solid bounce off the 200 SMA on the daily chart. Candle closed above Friday's candle. Seems to be a nice reversal taking shape. I'd like to see how the pendant plays out over the next few days.
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EOD sell off, Bounced off the 200 SMA again. Have to see how the morning shapes up.
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More of the same, going to test the 200 SMA again tomorrow.
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Finally broke 200 SMA, looking for a test of 253.64 this week.