Bearish Megaphone on the SPY - Update
Just posting another update here on the SPY- Bearish megaphone is playing out as expected but also a very big week for the markets fundamentally & technically speaking. The SPY rejected its 200day SMA today while simultaneously forming a right shoulder to complete a head and shoulders (Bearish) on the weekly timeframe. Additionally, the SPY formed a bearish butterfly harmonic pattern on the daily timeframe.
However, there does appear to be a smaller bullish falling wedge within the bearish megaphone charted above. As I see it, the SPY went to breakout from the falling wedge but got rejected by its 200-day SMA after Federal Chairman Jerome Powell stated that a 50 bps rate hike is "absolutely essential". Big tech earnings (AMZN & GOOG) have the potential to single-handedly carry the S&P 500 so will certainly be interesting to see the rest of the week as to what's to come. Some FIB levels and RSI-based supply and demand zones to keep an eye on in the meantime, bearish and hedged- (Previous Charts Attached Below)
--Previously Charted--
https://www.tradingview.com/i/Ddgk9nRN/
https://www.tradingview.com/i/Ddgk9nRN/
https://www.tradingview.com/i/Ddgk9nRN/
https://www.tradingview.com/i/Ddgk9nRN/
https://www.tradingview.com/i/Ddgk9nRN/
However, there does appear to be a smaller bullish falling wedge within the bearish megaphone charted above. As I see it, the SPY went to breakout from the falling wedge but got rejected by its 200-day SMA after Federal Chairman Jerome Powell stated that a 50 bps rate hike is "absolutely essential". Big tech earnings (AMZN & GOOG) have the potential to single-handedly carry the S&P 500 so will certainly be interesting to see the rest of the week as to what's to come. Some FIB levels and RSI-based supply and demand zones to keep an eye on in the meantime, bearish and hedged- (Previous Charts Attached Below)
--Previously Charted--
https://www.tradingview.com/i/Ddgk9nRN/
https://www.tradingview.com/i/Ddgk9nRN/
https://www.tradingview.com/i/Ddgk9nRN/
https://www.tradingview.com/i/Ddgk9nRN/
https://www.tradingview.com/i/Ddgk9nRN/
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