SPY - Update (From Nov. 2021)

24 Sep 2022

Posting an update on the SPY here as the markets closed out the week in somewhat of a make or break spot. The SPY continued to follow the bearish megaphone that it's been holding for months, while simultaneously holding the downtrend stemming from a massive head and shoulders on the SPY's weekly timeframe (See Attached Charts Below). A bearish bat harmonic pattern also formed on the SPY on Friday, as it broke below a strong support level circa $368.27 and closed near its 52-Week low at $362.17. This comes as seller volume continues to outweigh buyer volume as the markets head into a big week economically speaking. In the upcoming week, economic data and events include New Home Sales, Consumer Confidence, International Trade Numbers, Jobless Claims, and to cap off the week, GDP Numbers as well. Treading lightly here, some RSI-based supply and demand zones to keep an eye on in the interim, bearish and hedged-
--Previous Charts Attached Below--

Weekly TimeFrame
https://www.tradingview.com/chart/SPY/h3YnbjtL-SPY-Weekly-Head-and-Shoulders/

Testing Key Levels From 2020
https://www.tradingview.com/i/RQbpZGSa/

--Previously Charted--
https://www.tradingview.com/chart/SPY/uUjKF7UA-SPY-Bearish-Reversal-Update/
https://www.tradingview.com/i/fHYQezW5/
https://www.tradingview.com/i/5s5D4ME1/
https://www.tradingview.com/chart/SPY/COQaozMU-SPY-Bearish-Megaphone-Update/
https://www.tradingview.com/i/1c8wSGtq/