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AlanSantana
Mar 18, 2020 7:12 PM

The SPDR S&P 500 ETF TRUST (SPY) Looking Bearish Short

AMEX:SPY1W
SPDR S&P 500 ETF TRUSTArca

Description

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The SPY is looking bearish based on candlestick reading and multiple signals coming from this chart and indicators.

Its value can continue to drop.

On the chart above I've marked the important support levels using the Fib. extension tool.

The black line on the chart represents MA1000.
A wick below this line is where I believe the bleeding will stop.

This is not financial advice.
Do your own research before you trade.
We are not responsible for your actions.

Thanks a lot for reading.

Namaste.

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Trend AnalysisTechnical IndicatorsBeyond Technical AnalysisSPDR S&P 500 ETF (SPY) SPX (S&P 500 Index)US SPX 500ETFalanmastersindexStocksForexcurrency
Comments
LotzToLearn
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Great post... there may be small bounces along the way to cool RSI levels, like today, but the general direction is down. It was neat to read about the 1000 MA. I have a similar thought on the 6 Month chart, with price candle piercing the lower bollinger band.

Has the 1000 MA been pierced in previous downturns (e.g., 2008, 2000, and beyond)?
tylerwitucki
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Incorrect, but there is still a lesson to be learned.
DustinSkeleBones
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This is what bears dream about ever night! Me included
Nikita_Kalinin
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Do you think it's a Great Quarantine-Coronavirus Depression? You are waiting more than 50% drop from the historical high.
MrMarketMaker
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too late.
ItsCrossTrading
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you thinking it will be bearish by when?
AdrianZen
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@ItsCrossTrading, by a week ago. Alan just predicted the past.
Nepagaunamasis
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wrong direction
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