Red SPY
Shared this in my video:
On the weekly chart, SPY hit the major resistance last week, which is the 50 moving average, and closed below it.
Here comes interesting stuff - a shooting star candlestick has been formed, and this is a bearish signal. It is more effective if it is formed after at least 3 consecutive rising candlesticks, and in this case, we had 4!
To clarify, this does not mean that the coming week is definitely going to be red, though the probability is high. So do look out for confirmation.
SPY is down 2% on monday ![]()
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Successful investing is about managing risk, not avoiding it. DYODD
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Mike Hunt : I think the breakout of the downtrending channel was fake. 5 to 6 straight weekly red candles in our immediate future
Cow Moo-ney OP Mike Hunt : Possible. Sep has always been a bearish month. Let’s see how things pan out
费北敬 : Down like morning falling rain
Mike Hunt Cow Moo-ney OP :
hard-working Goose_8 : RED SPY