SPY: Could this be the DIP on SPY? Let's see.
• SPY is trying to react today, however, this reaction alone is not good enough;
• SPY is still in a Descending Channel, as evidenced by the purple lines above;
• Only if SPY breaks the upper trend line it’ll trigger a stronger reversal sign. As long as it doesn’t, or if it loses the lower trend line, it’ll just resume the bear trend;
• If SPY is about to react, now is the best time since June, as the index is reacting just above the support at $360 and the volume is as high as seen in nearly four months;
• The sentiment is still bearish, and there’s no bottom sign confirmed on SPY yet. For now, let’s focus on the Descending Channel in the 1h chart, as this pattern could trigger a reversal, if a breakout occurs.
I’ll keep you guys updated on this. Remember to follow me for more analysis like this! Keep in touch.
• SPY is still in a Descending Channel, as evidenced by the purple lines above;
• Only if SPY breaks the upper trend line it’ll trigger a stronger reversal sign. As long as it doesn’t, or if it loses the lower trend line, it’ll just resume the bear trend;
• If SPY is about to react, now is the best time since June, as the index is reacting just above the support at $360 and the volume is as high as seen in nearly four months;
• The sentiment is still bearish, and there’s no bottom sign confirmed on SPY yet. For now, let’s focus on the Descending Channel in the 1h chart, as this pattern could trigger a reversal, if a breakout occurs.
I’ll keep you guys updated on this. Remember to follow me for more analysis like this! Keep in touch.
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Feragatname
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