SPY Hourly Intraday analysis using TD Setup and MACD
Just a quick analysis for the Intraday SPY...
Using the DeMark Setup, the SPY 1H just completed the second Sell Setup (green box). This Sell Setup is perfected, and might last a couple of hours more, but it is due to retrace, with a low probability spike no more than 416 (White line shows the barrier).
Reason being, the Setup did not clear the TDST (the highest point of the Buy Setup (red box)) at 420, and so the bearish trend is actually the primary trend.
Furthermore, there is another level at 422 to overcome and this would be needed to close an earlier gap down range to be bullish.
MACD and other technical indicators are showing some upward space in a rally that is old in the teeth.
So, bullish as it seems, a (small) retracement is due.
Wait for it.
Using the DeMark Setup, the SPY 1H just completed the second Sell Setup (green box). This Sell Setup is perfected, and might last a couple of hours more, but it is due to retrace, with a low probability spike no more than 416 (White line shows the barrier).
Reason being, the Setup did not clear the TDST (the highest point of the Buy Setup (red box)) at 420, and so the bearish trend is actually the primary trend.
Furthermore, there is another level at 422 to overcome and this would be needed to close an earlier gap down range to be bullish.
MACD and other technical indicators are showing some upward space in a rally that is old in the teeth.
So, bullish as it seems, a (small) retracement is due.
Wait for it.
so uncanny huh?