SPY looking to Retest Low
Updated
I drew some lines on the chart.
The yellow one is from our drop in January which I made into a channel, price seems to be constrained in it for now.
The purple lines represented the gap fill and where there was some resistance, It looks like we couldn't quite clear above it confidently and so we ended up crashing down well below it today.
I think we will probably aim to retest the low. Adjustments / new estimates to last quarters GDP come out tomorrow and I expect they may be slightly lower than what was originally reported.
I drew blue lines where I see some support, I think that if we do stall at the blue bars we may end up painting a double bottom which would be a good sign to go bullish.
Otherwise we will go down to the yellow line at the bottom of the channel. I think we bounce off of that, if not it would be a total collapse.
This is just my art project.
The yellow one is from our drop in January which I made into a channel, price seems to be constrained in it for now.
The purple lines represented the gap fill and where there was some resistance, It looks like we couldn't quite clear above it confidently and so we ended up crashing down well below it today.
I think we will probably aim to retest the low. Adjustments / new estimates to last quarters GDP come out tomorrow and I expect they may be slightly lower than what was originally reported.
I drew blue lines where I see some support, I think that if we do stall at the blue bars we may end up painting a double bottom which would be a good sign to go bullish.
Otherwise we will go down to the yellow line at the bottom of the channel. I think we bounce off of that, if not it would be a total collapse.
This is just my art project.
Note
It is also possible that we see a head and shoulders bottom if price holds these levels and moves above the purple lines.
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