Further Down
Hello TradingView Colleagues.
Again posting in all Humility - We are still in a longer term Downtrend. The bounce back to 410 was normal and for me was just a test of that H&S neckline. As noted by most (even in the media) the shorter term trend line formed by June 17th - July 14th and Sept 6th touches was broken to the downside as we created what might be an island (seems to be common for SPY). Islands are not statically significant when it comes to reversal or continuation.... but my bearish bias makes me think that we will see a gap down and continuation of the downtrend. All that to say that My opinion is that we can see Spy reach that grey box mid October to late october that's another 10% drop from today (Sept 20th).
I wouldn't be surprised to see us retesting 2020 lows before 2023 is over....
Again posting in all Humility - We are still in a longer term Downtrend. The bounce back to 410 was normal and for me was just a test of that H&S neckline. As noted by most (even in the media) the shorter term trend line formed by June 17th - July 14th and Sept 6th touches was broken to the downside as we created what might be an island (seems to be common for SPY). Islands are not statically significant when it comes to reversal or continuation.... but my bearish bias makes me think that we will see a gap down and continuation of the downtrend. All that to say that My opinion is that we can see Spy reach that grey box mid October to late october that's another 10% drop from today (Sept 20th).
I wouldn't be surprised to see us retesting 2020 lows before 2023 is over....
Note
Additionally I can see SPY gap down before the end of the week and create that island formation.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.