The SPY is currently in an UNCONFIRMED double top formation. Confirmation will happen if the price breaks below the 143 support which must then act as resistance. Furthermore this break below 143 could also mean a break below the 50MA which is another bearish indicator.
Supporting technical indicators of the chart formation include a bearish RSI/Stochastic divergence, a bearish stochastic cross, and narrowing Bollinger bands.
IF confirmed the short term target will be 141.50 followed by 140.
I also have a longer term target of 130(not shown) should this turn into a stronger correction.
Comentarios
CapitalHubs
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Well done! Double top is really powerful tool for predicting corrections.
Wes
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ouch
lucky_human_foot
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Followed.
lucky_human_foot
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The next support will be the fibonacci line, the next trendline and the 50 day MA
I think it will take a small bounce up the next days and then fall down.
GT
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Ive never been a big user of fibonacci. I should really start experimenting with it.
GT
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I initiated a small short position at 144 this morning. However this chart remains unconfirmed.
GT
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I sold this as a profitable day trade. This is why you have to wait for confirmation before jumping in long term.