$SPY - Bearish Outlook

7 באוג׳ 2020

There are multiple bearish signals flaring off and I'd like to share them with you. I like to keep things straight to the point and simple. I predict Monday will be bearish, it would be ridiculous of me to say we'd hit $311 Monday but I'd like to say it isn't impossible. If you look at the 09 June, you can see that is the 8th day in a row of bulls winning. You can see very well the outcome of the 9th and 10th day. The distance of Trend 1 and Trend 2 are exactly the same. The distance of Trend 1 also happens to be the distance between the High and Low between the gap down. At the time of that gap down, price followed very well towards the POC of the time. If you are bullish right now, I'd be careful as it looks like the stars have aligned for another June 10th gap down.

TLDR: I'm predicting a bearish outlook on Monday. A gap down similar to June 10th isn't impossible and seems likely. I'm thinking either Monday or Tuesday we'll see something similar to TREND 1.

• Bearish RSI Divergence
  
• Exhausted BUYING Power
  
• Weak volume, lower than the previous peak
  
• 8 Bullish Days
  
• Overbought on MTF (30M, 2H)
  

I'll be shocked we don't get some pullback Monday or Tuesday.

9 באוג׳ 2020

הערה

The only reason we continue mooning Monday is because of this:
abcnews.go.com/Politics/trump-sign-executive-orders-coronavirus-relief/story?id=72257640

10 באוג׳ 2020

הערה

We're seeing some pullback, pattern is following as expected.

10 באוג׳ 2020

הערה

I haven't touched anything and I'm waiting until tomorrow to see how we open.

11 באוג׳ 2020

הערה

Sorry for disappointing anyone who followed this idea, seems like fundamentals don't apply here and stonks only go up.

11 באוג׳ 2020

הערה

I'm not convinced we'll keep going lower. Too much sentiment right now to keep going up. People are most likely buying this dip.

7 בספט׳ 2020

הערה

Looking back at this... All this due diligence but we dump on a much later date than anticipated.