$SPY Recap of Last Week - Down on the Year - At the 4hr 200MA

Recap of Last Week - Down on the Year - At the 4hr 200MA and Election Gap

There is a lot to see in this chart and this is a recap of last week where we opened with a gap up above the 50 day moving average took it right to the downward facing 30 minute 200MA to the 1hr 200MA that is where we saw a massive rejection and that is at the red arrow.

From there we reversed and we took it back underneath the 30 minute 200MA average to the 50 day average the 35 EMA we drop down to the up gap from the first week briefly bounced on that before taking it back up to the 35 EMA getting rejected and flung all the way down to the four hour two removing average right at the election gap.

We are just about to head into the third trading week of the year and futures are underneath the election gap.

Let me know what your thoughts are as we had into the third week.