We gapped below the channel Friday - and even farther down today. If we retake the channel, the target may be the higher gap at about 312 (purple arrow). We have hourly bull divergence, so it's possible. Right now, I think it would be more probable that we test the channel again and bearflag for a few days before falling farther (red drawing). With Powell speaking this week, it's hard to tell how the market will react since his bearish outlook will be tapered by "unlimited qe/tools."
In other news, QQQ has landed on it's blue trendline this morning and bounced. Any close below 230 would be bearish for the tech sector.
Good Luck all
Sunship
In other news, QQQ has landed on it's blue trendline this morning and bounced. Any close below 230 would be bearish for the tech sector.
Good Luck all
Sunship
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SPY channel retest, if it closes over the channel it's bullish
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Spy opened near channel resistance. Over it on a close is uber bullish and I think we'll hit all time highs. Bears really need to shut this down today.
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why on earth does TV have bots which comment on ideas?
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Huge selling pressure on SPY, might actually reach the lower channel today. Close under would be very bearish.
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Dip bought, as of now it's still bullish. Won't really comment on this till we break the channel one way or the other.
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/ES (SP500 futures) was retesting it's trendline from overnight and it may have failed here.
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Daily candle still looks bullish on SPY. If futures sell of it's a different story, but I wouldn't count on it.
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If we gap up over the channel tomorrow it's bullish for sure
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Although that sell off yesterday was bought quickly, it could have been the start of an impulse down to 294.
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Interesting day on SPY. Bearish, but not impulsive. However, it's surprising we didn't follow through on the big buy yesterday. I found another trendline (blue) which makes it look like a backtest may have happened yesterday. Possibly it's important. if futures sell and we gap down tomorrow we may start having more impulsive moves down. Below 3090 on /ES would create some panic as that is now heavy support.
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If SPY closes the day below the 18 and 20 MA, it's bearish. Would also probably get it under the channel.
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Possible bear flag, or it may test the blue trendline on $SPY
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SPY found support today at the 18 MA, needs to get under that and the 20 to start having a bias to the downside. Triple witching tomorrow, should be an interesting close to the week either way.
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could go either way today
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Strong selling. Remember the Dow drop last week of 1800 points? I believe that may have been the reversal and all this week was a bull trap.
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SPY currently under it's 18 and 20 ma - No bounce yet.
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Close below 18 and 20 day MA - first time in a while. Bias is down for next week. We'll see how Sunday futures go. Have a great weekend all!
