Hi all,
Alright, after last night I had a look into SPY again and it's looking pretty bearish. The rising wedge has broken with volume increasing again on the sell-off. First support on the RSI has fallen, even if we rise again tomorrow it's looking more bearish. There has also been a cross-over on the MACD looking at a reversal now, bearish again. Lastly, we saw a massive breakout on VIX making a new high from the low, another bearish indicator. I saw this forming from wedges in NQ1! and USOIL in previous posts, looks to have broken out to the downside.
This is ticking a lot of bearish boxes for me.
I appreciate anyone who sees something else here.
Cheers,
Sandy
Alright, after last night I had a look into SPY again and it's looking pretty bearish. The rising wedge has broken with volume increasing again on the sell-off. First support on the RSI has fallen, even if we rise again tomorrow it's looking more bearish. There has also been a cross-over on the MACD looking at a reversal now, bearish again. Lastly, we saw a massive breakout on VIX making a new high from the low, another bearish indicator. I saw this forming from wedges in NQ1! and USOIL in previous posts, looks to have broken out to the downside.
This is ticking a lot of bearish boxes for me.
I appreciate anyone who sees something else here.
Cheers,
Sandy