🔴All four major index ETF's in US markets has broken down.
🔴ETF's trading below their 20 DEMA. RDX momentum score<5
🔴Higher volume on sell days & lower volumes when they rise
🔴Daily RSI about to break 40 mark and go lower and lower
🔴SuperTrend also indicating trend change & gave sell signal
🔴Indian markets may follow the suite and have broken 20000
🔴Exercise...
Analysis says , below marked lines are demand zone for this up wave , it may take correction too long but slowly it will hit mentioned line at any day or month
AMEX:SPY May 12, 2023
15 Minutes
Not much change from yesterday.
Range becoming tighter.
412.5 is crucial to cross.
Then we can aim for 413.7-414 range.
200 averages at 410 should offer good support.
If no big gaps i will try for 414 target trade on upside.
On reversal 410 has to break to take a call.
Looking at SPY's Friday's Daily candle, it is no brainer that SPY has further downside.
The next strong support is around 376.5.
It doesn't seem likely that this support would be breached. SPY should this week touch this level or reverse very close to it like some where between 378 and 376.
On weekly time frame, SPY has formed an Inside Candle. This pattern indicates there would be a downside breakout in the week of 13th Feb or the subsequent week.
If that happens, the first target would be 397.
If in the subsequent week of the breakout, the price opens around 395 or in simple words the trend continues then 382 would be second target with is a strong support.
Previous part of the post: My Three Comrades: the Chart, the Screener, and the Watchlist
Now let's move on to the fundamental analysis. Remember in this post I gave the example that a joint stock company can be thought of as a hotel, and owning shares can be thought of as owning one or more rooms in that hotel. So, imagine now that our hotel has a terrible...
S&P 500 started falling from Oct 2007. It fell to about 57% with a Minimum on March 2009.
On the way up, it crossed the 200 DMA. Once it crossed it generally did not fall much after that, with the 200 DMA behaving as a Support
SPY has fallen by 27% since Dec 2021 to Oct 7th, 2022.
Two similar percentages SPY has fallen are in:
1) May 2000 to Oct 2002 it fell by 47 percent.
If you bought SPY in May 2000, You would have had to wait till Aug 2007 for break even. Then again in Sept 2007 it fell by 57%. So in most likelihood, you would have had to wait till Feb 2013 to get the money...
