SPY had a minor setback today almost closing on its low (bearish) and tapping the 20ema on my chart. With quad witching behind us, we should expect to see a bit more volatility and movement next week.
The pale yellow diagonal supply/demand zone I have on my chart has been long respected and I was surprised when price broke above it. Now that we're in it, I expect to see some more consolidation and reaction before we break out of it again.
Long term effect of the diagonal zone:
Expectation and outlook from here:
Neutral moves over next 1-2 days as oscillator bottoms and we regain fuel to power a move above the supply/demand zone. The March 2022 high at 454 is my next target. Key support is at 435 where breaking below offers bears an opportunity to follow through and move the market momentum significantly downward.
Enjoy your holiday on Monday.
The pale yellow diagonal supply/demand zone I have on my chart has been long respected and I was surprised when price broke above it. Now that we're in it, I expect to see some more consolidation and reaction before we break out of it again.
Long term effect of the diagonal zone:
Expectation and outlook from here:
Neutral moves over next 1-2 days as oscillator bottoms and we regain fuel to power a move above the supply/demand zone. The March 2022 high at 454 is my next target. Key support is at 435 where breaking below offers bears an opportunity to follow through and move the market momentum significantly downward.
Enjoy your holiday on Monday.
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Penafian
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❤️ Premium indicator subscription @ Whop includes: Mojo Levels, Manipulation Model, Super Oscillator, VIX Meter, and Volatility Radar
🔗 whop.com/c/upslidedown/t use discount code FRIENDOFUSD for 20% off FOREVER
🔗 whop.com/c/upslidedown/t use discount code FRIENDOFUSD for 20% off FOREVER
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.