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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