SPY- Bearish- Update
Just posting another update here on the SPY- Bearish megaphone is playing out as expected but also a very big week for the markets fundamentally speaking.
Fundamental Rationale
A lot of big economic events this week including retail sales, the Fed's final decision regarding monetary policy, FOMC press conferences on both Tuesday and Wednesday, and to top it all off, quadruple witching on Friday 12/17' to close out the week. Fundamentals aside, the SPY is still looking quite bearish- Some FIB levels and RSI-based supply and demand zones to keep an eye on on the meantime, bearish and hedged- (Previous Charts Attached Below)
- Still holding a big rising wedge (Bearish)
- Bearish cypher formed on the hourly timeframe along with a gap fill on the downside (See Attached Chart Below)
- RSI is nearing, or in overbought territory on almost every timeframe
- Bearish Hidden Divergence on the SPY Daily, Weekly, 4-Hour, and Hourly Timeframes
- The SPY rejected a critical RSI-Based Supply Level on the weekly timeframe & is sitting on the 20-day SMA (See Attached Chart Below)
-Weekly-
https://www.tradingview.com/i/RgYnwrHy/
-Hourly-
https://www.tradingview.com/i/dVF99oPu/
-Previously Charted-
https://www.tradingview.com/i/9veQFeN1/
https://www.tradingview.com/i/P0xbXQbd
https://www.tradingview.com/i/QjzW3St4
https://www.tradingview.com/i/uUjKF7UA
Fundamental Rationale
A lot of big economic events this week including retail sales, the Fed's final decision regarding monetary policy, FOMC press conferences on both Tuesday and Wednesday, and to top it all off, quadruple witching on Friday 12/17' to close out the week. Fundamentals aside, the SPY is still looking quite bearish- Some FIB levels and RSI-based supply and demand zones to keep an eye on on the meantime, bearish and hedged- (Previous Charts Attached Below)
- Still holding a big rising wedge (Bearish)
- Bearish cypher formed on the hourly timeframe along with a gap fill on the downside (See Attached Chart Below)
- RSI is nearing, or in overbought territory on almost every timeframe
- Bearish Hidden Divergence on the SPY Daily, Weekly, 4-Hour, and Hourly Timeframes
- The SPY rejected a critical RSI-Based Supply Level on the weekly timeframe & is sitting on the 20-day SMA (See Attached Chart Below)
-Weekly-
https://www.tradingview.com/i/RgYnwrHy/
-Hourly-
https://www.tradingview.com/i/dVF99oPu/
-Previously Charted-
https://www.tradingview.com/i/9veQFeN1/
https://www.tradingview.com/i/P0xbXQbd
https://www.tradingview.com/i/QjzW3St4
https://www.tradingview.com/i/uUjKF7UA
Feragatname
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