Hey everyone,
Sorry I didn't get around to posting over the weekend.
So my initial assertion was we would pullback into this week; however, there was a 2 hour bullish HA setup that ended off the week:
So we were able to take that target out yesterday and then once that happened we starkly pulled back.
Right now SPY is just hanging on the bearish condition on the weekly, with a break below and hold we can expect a move to around 507 as the first target.
There is also a high prob on the month at 508, so good confluence in that area.
My impression is its just pullback, not topping at this point and I actually wouldn't be shook if we saw a swift sell followed by parabolic right back up. I just wouldn't get long right here until we see that 507/508 zone and it is indeed held as support.
Just my thoughts! My bias is still bullish overall at this time until we can see some catalyst for bearishness (fundamentally).
Safe trades everyone!
Sorry I didn't get around to posting over the weekend.
So my initial assertion was we would pullback into this week; however, there was a 2 hour bullish HA setup that ended off the week:
So we were able to take that target out yesterday and then once that happened we starkly pulled back.
Right now SPY is just hanging on the bearish condition on the weekly, with a break below and hold we can expect a move to around 507 as the first target.
There is also a high prob on the month at 508, so good confluence in that area.
My impression is its just pullback, not topping at this point and I actually wouldn't be shook if we saw a swift sell followed by parabolic right back up. I just wouldn't get long right here until we see that 507/508 zone and it is indeed held as support.
Just my thoughts! My bias is still bullish overall at this time until we can see some catalyst for bearishness (fundamentally).
Safe trades everyone!
Comment:
Sorry I didn't clarify, those are the monthly levels
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Here it gets tricky. If we are going to stay in the wedge this will grind up to the high targets but will be choppy while it moves up until it reaches them.
Else if we break the wedge we head to PL2 on the month which is around 489.
If we respect the bottom of the wedge, which we tested today, into tomorrow, its likely going to grind up. We should see what its thinking tomorrow.