SPY- Bearish- Update

22 сент. 2023 г.

Has been a while since I've posted an update on the SPY as a lot has transpired in financial markets over the past few weeks, and months. The SPY has been trading significantly under its average daily volume, which has primarily been the driving force behind the momentum in my opinion. On the other hand, the SPY is holding a nice symmetrical triangle on the weekly timeframe. Nonetheless, buyers and sellers continue to battle, however, on the daily timeframe the SPY is overbought on the RSI, and two Bearish Megaphones are currently still playing out. The SPY is yet again, at a make-or-break spot in my opinion. If we see another leg down, we could see a re-test of the COVID-19 trendline support. As I've said before and will happily say again, where I stand, we're in unchartered territory - Just some support and resistance levels to keep an eye on in the interim, along with some RSI-based supply and demand zones, staying hedged. --Previous Charts Attached In Description --

Weekly Timeframe
https://www.tradingview.com/chart/SPY/rMIlh1De-SPY-Bearish-Update/
https://www.tradingview.com/i/nZ98wQz3/

Daily Timeframe
https://www.tradingview.com/chart/SPY/rMIlh1De-SPY-Bearish-Update/
https://www.tradingview.com/i/R0s7DiLI/

Covid-19 Trendline Support
https://www.tradingview.com/chart/SPY/Xa80n3Y1-SPY-Potential-reversal-key-levels-to-watch/
https://www.tradingview.com/chart/SPY/QjzW3St4-SPY-Potential-reversal-key-levels-to-watch-Update/