On the SPY 1D chart, we see the 50 Day MA crossing under the 200 Day MA, which is conventionally known as the Death Cross -- a bearish signal.
If we draw a Fib retracement from the start of the sell off to the bottom we saw last week, we are heading towards the 0.68 Fib level. Very possible we bounce off.
Volume has also been decreasing since the bounce up.
All signs point to a bearish signal.
If we draw a Fib retracement from the start of the sell off to the bottom we saw last week, we are heading towards the 0.68 Fib level. Very possible we bounce off.
Volume has also been decreasing since the bounce up.
All signs point to a bearish signal.