SPY daily in bullish momentum

8 Oca 2023

SPY's daily close indicated a very strong bullish move. Day finished above 8 and 20 days MA which is bullish.
SPY daily close below 50 days MA/it acts as resistance which is a sign of a stronger support area above.
SPY is around its 8, 20, and 50 days MA which could be a sign of a stronger move pretty soon.

Volume confirmed price action as it was higher than 20 days average volume which is more bullish.
RSI is neutral.
MACD histogram tick is smaller and smaller and likely on Monday we will get a green histogram tick which at the same moment MACD line is close signal line, signaling bullish momentum on market.

Overall: SPY daily is on a symmetrical triangle. Break out of it will likely be on stronger volume and strong move. From the TA point of view, SPY is more bullish than bearish. Have in mind that this week is the CPI report which will move the market for sure. My personal opinion is SPY will have huge problems breaking out of a symmetrical triangle to the up, to break 50 days MA, 200 days MA, and falling trend line.

9 Oca 2023

Not

At the moment SPY is forming a shooting star reversal pattern candlestick. If we close below the trendline and 50 days MA around the 393.5 area, it will be very very bearish.
I mean it would represent a dead hook or fake breakout of a symmetrical triangle and the very bearish move would be expected tomorrow.
At the moment SPY is dancing at 200 MA in 5 min and if it breaks we could see a red day today in the end.
Also one hour before the market close volume is still weak which indicates this was likely only short covering!

12 Oca 2023

İşlem kapandı: hedefe ulaştı

Target reach in the penny. SPY touched the falling upper trend line from the pattern and at the end, the day closed below BigRed (200 days MA) which indicates we could likely be at the end of the up leg.
A chart pattern is almost a Hanging man reversal pattern. The combination between Hanging man and Doji.
If SPY consolidates at this level for a few days on lower volume and doesn't drop right away there could be the possibility of breaking out the pattern after high base formation or small bull pullback.