SPY perspective for the week
My perspective on this weeks market action. First idea, hope it's helpful!
Historically the Daily 200ma is a strong bullish or bearish pivot, and has formed a perfect resistance line. In addition a large number of equities are now approaching or testing their own 200ma, and will either find support or break lower, so i am expecting volatility this week as traders will either be stocking up or panic selling. I'm looking to take a swing position to capitalize on a move above or below our recently formed congestion pattern.
]If SPY closes a 1hr candle above 200ma and resistance i will be looking for long setups for the next week or two.
If SPY breaks below recent support and fails to close above 200ma, i will go short as i expect to break down further for a full 15-20% correction from ATHs.
We can of course continue sideways in this channel, which i think would signal accumulation, and will sit on my hands for a while longer, but with current market conditions i think this is the least likely scenario.
Happy fishing!
Historically the Daily 200ma is a strong bullish or bearish pivot, and has formed a perfect resistance line. In addition a large number of equities are now approaching or testing their own 200ma, and will either find support or break lower, so i am expecting volatility this week as traders will either be stocking up or panic selling. I'm looking to take a swing position to capitalize on a move above or below our recently formed congestion pattern.
]If SPY closes a 1hr candle above 200ma and resistance i will be looking for long setups for the next week or two.
If SPY breaks below recent support and fails to close above 200ma, i will go short as i expect to break down further for a full 15-20% correction from ATHs.
We can of course continue sideways in this channel, which i think would signal accumulation, and will sit on my hands for a while longer, but with current market conditions i think this is the least likely scenario.
Happy fishing!
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.