Healthy pullback on SPY?
Pullback since that super resistance "watched by the world" trend line. What's next?
Daily Chart
- MA20 (green) has provided good support on 10 and 19 Jan
- MA5 still way above MA20 (so beware of being too bearish at this point, more neutral for now)
- Market makers "purposefully" gapped down below 390 last night. Gap down are sometimes ways they get past possible strong resistances/support (e.g. trigger stops etc)
- Previously shared TA - Cup and Handle, handle is now well formed.
- MA20 (green) has provided good support on 10 and 19 Jan
- MA5 still way above MA20 (so beware of being too bearish at this point, more neutral for now)
- Market makers "purposefully" gapped down below 390 last night. Gap down are sometimes ways they get past possible strong resistances/support (e.g. trigger stops etc)
- Previously shared TA - Cup and Handle, handle is now well formed.
30min Chart
- Gap down was pretty obvious with good support so far from 387
- 390 remains that line in the sand
- Gap down was pretty obvious with good support so far from 387
- 390 remains that line in the sand
Going forward
- Watch MA5 and MA20 lines (they will offer guidance on where it is headed)
- Watch 390 (if price action cannot get back above 390, it can be quite bearish and bear flag could play out to 378.
- 390 if broken, 386 does offer some form of consideration so watch how it reacts there
- Any bullish bearing, will need to break the cup/handle neckline of 400
- Watch MA5 and MA20 lines (they will offer guidance on where it is headed)
- Watch 390 (if price action cannot get back above 390, it can be quite bearish and bear flag could play out to 378.
- 390 if broken, 386 does offer some form of consideration so watch how it reacts there
- Any bullish bearing, will need to break the cup/handle neckline of 400
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
