After the brief bounce we saw today, it seemed like buyers just were not able to muster enough momentum to derail SPY's downward move back below $200.00. As of 11:38 PM ET, /ES minis were trading 17.50 points down which could spell trouble for SPY with a significant gap downward Wednesday morning. If SPY opens below $200.00, I think the ~194.00 target is pretty much set in stone by the end of the week or early next week at the latest.
TECHNICAL ANALYSIS:
Agree? Disagree? Any feedback would be greatly appreciated! Thanks, and happy trading!
TECHNICAL ANALYSIS:
- Candle: Doji (Bearish-Stock was mixed all day today but was still unable to keep it green past close
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- Volume: Increasing Selling Volume (Bearish)
- Stochastic (Slow): %D hovering around 30, %K descending, but greater than %D - Nearing a cross (Bearish-Sellers still have control of the market)
- MACD: Histogram negative and descending, MACD below signal (Bearish)
Overall Trend: Downward-20 day EMA (Blue Line) just about to cross 200 day EMA (Blue Circles) (Very Bearish)
Agree? Disagree? Any feedback would be greatly appreciated! Thanks, and happy trading!
