SPY - L.T. looking very bearish. Potential $160-150 L.T. Target
Long term charts for
SPY
are very bearish. Currently trading at strong support area. Most recent testing of support, SPY fell through support slightly and had a week correction. Much more bearish price action than two previous tests. Now it is quickly testing the support again. Another bearish price action.
Bearish price action also on Monthly chart below.
Strong support zones (the 2000 and 2007 highs before the bottom fell out) corresponds with Fib Retracement 38.2%.
Everything above is from a technical perspective. From a fundamental perspective, I believe the likelihood of a US "recession" is low. But with that being said, I see the bears continuing to have control of the markets (e.g. SP500).
SPY
are very bearish. Currently trading at strong support area. Most recent testing of support, SPY fell through support slightly and had a week correction. Much more bearish price action than two previous tests. Now it is quickly testing the support again. Another bearish price action. Bearish price action also on Monthly chart below.
Strong support zones (the 2000 and 2007 highs before the bottom fell out) corresponds with Fib Retracement 38.2%.
Everything above is from a technical perspective. From a fundamental perspective, I believe the likelihood of a US "recession" is low. But with that being said, I see the bears continuing to have control of the markets (e.g. SP500).
