-SPY has taken some hits as fear rises due to the new covid variant scare
-These past 2 weeks are strong Red candles which show the strength of the bears
-SPY bounced off the 9-day ema on the weekly chart clean this week we will see how it plays out next week
-fib levels indicate that we will retrace back to the sweetspot if we break this support we will see $444.30s very soon
TWO THINGS can happen here:
1) SPY can bounce from that $449 level we talked about since it is acting as strong support and didn't seem to make newer lows Friday. We can see if we make new highs and just bounce from here
2)We are looking to see how spy plays around that $448.96 level IF she decided to break through that pricepoint on monday then we shall see $444 then $426 easily. Fibs are also indicating that one level was hit but the .618 level is down at $444 so we shall see how it plays out
IN SUMMARY: SO here's the game plan If we put all in all together the chances of scenario 1 (BULLS) are slim and with the new variant just breaking out but we can only wait. SCENARIO 2 now is very convincing and we can see SPY pulling down a little more down to $444 levels.
**Key levels to break**
1) $448.96 Below this we can see $444 then $426
2)$461 NOW if we break this level we can go pretty green on this bad boy pretty quick.
-These past 2 weeks are strong Red candles which show the strength of the bears
-SPY bounced off the 9-day ema on the weekly chart clean this week we will see how it plays out next week
-fib levels indicate that we will retrace back to the sweetspot if we break this support we will see $444.30s very soon
TWO THINGS can happen here:
1) SPY can bounce from that $449 level we talked about since it is acting as strong support and didn't seem to make newer lows Friday. We can see if we make new highs and just bounce from here
2)We are looking to see how spy plays around that $448.96 level IF she decided to break through that pricepoint on monday then we shall see $444 then $426 easily. Fibs are also indicating that one level was hit but the .618 level is down at $444 so we shall see how it plays out
IN SUMMARY: SO here's the game plan If we put all in all together the chances of scenario 1 (BULLS) are slim and with the new variant just breaking out but we can only wait. SCENARIO 2 now is very convincing and we can see SPY pulling down a little more down to $444 levels.
**Key levels to break**
1) $448.96 Below this we can see $444 then $426
2)$461 NOW if we break this level we can go pretty green on this bad boy pretty quick.