SPX / SPY - Morning Update - Moving Average Getting Close
SPX / SPY - the final wedge within a wedge pattern has little room left to expand further IMO.
Top white resistance line is multi-month resistance from Weekly view chart from 12/9 (see link below).
RSI trend is already high in position and short.
Bollinger Bands are tight. Going back in pattern, last time price angle like this with tight bands we have correction.
By next week, the 10WeekMA will be within striking distance at 3100 on SPX.
Last times we are this close in price to MA we go down.
Next Daily trend is Bearish. Next Weekly trend is Bearish, very close to flipping, and is overextended. We are close.
Exits
1- Blue support line around 3050
2- White support line 2920
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I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, and VIXY.
Short SPY, AAPL
Top white resistance line is multi-month resistance from Weekly view chart from 12/9 (see link below).
RSI trend is already high in position and short.
Bollinger Bands are tight. Going back in pattern, last time price angle like this with tight bands we have correction.
By next week, the 10WeekMA will be within striking distance at 3100 on SPX.
Last times we are this close in price to MA we go down.
Next Daily trend is Bearish. Next Weekly trend is Bearish, very close to flipping, and is overextended. We are close.
Exits
1- Blue support line around 3050
2- White support line 2920
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, and VIXY.
Short SPY, AAPL
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