SPY, Is tomorrow judgement day for the market?
Updated
With a close below the 200 day moving average, the big question is, does this continue?
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Here we examine the 4hr chart.
While things have seemed bad for Spy lately, if we break down the broader term price action, we see an ascending channel.
This channel began on a gap up after a corona panic induced sell off.
Actions has been on the upper end of the midline throughout the majority of the trend. With steam slowing down, this one could finish of the lower end of the midline if the upwards trend reclaims this week.
Spy needs to bounce upwards off the 200 day moving average with a close above said average to show any signs of hope.
Heavy support around the 320 area, bulls need to reclaim this area and turn things around
Lets focus on a current time frame with projections into the Presidential election.
Do investors see 1 more opportunity left into October, or do we start to break down out of the channel and into a new trend?
Spy is extremely oversold on many intraday time frames, nearing oversold on the daily.
All indicators included, in my opinion, this one is very much up in the air.
With so much uncertainty in the air do investors pull the rug and take the cash to their portfolios and let the bears run loose, or do the bulls reclaim the price action back into a bullish movement? This could be the week we find out
Make sure you press like and follow so I know you want more ideas like this!!
Here we examine the 4hr chart.
While things have seemed bad for Spy lately, if we break down the broader term price action, we see an ascending channel.
This channel began on a gap up after a corona panic induced sell off.
Actions has been on the upper end of the midline throughout the majority of the trend. With steam slowing down, this one could finish of the lower end of the midline if the upwards trend reclaims this week.
Spy needs to bounce upwards off the 200 day moving average with a close above said average to show any signs of hope.
Heavy support around the 320 area, bulls need to reclaim this area and turn things around
Lets focus on a current time frame with projections into the Presidential election.
Do investors see 1 more opportunity left into October, or do we start to break down out of the channel and into a new trend?
Spy is extremely oversold on many intraday time frames, nearing oversold on the daily.
All indicators included, in my opinion, this one is very much up in the air.
With so much uncertainty in the air do investors pull the rug and take the cash to their portfolios and let the bears run loose, or do the bulls reclaim the price action back into a bullish movement? This could be the week we find out
Note
Post a comment to let me know what you think the market will do!
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