SPY on the weekly chart is obviously in a long downtrend.
Using the up trend from the Covid Crash to all-time highs the first week of January
and then a retracement, price is presently between the 0.382 and 0.5 Fibonacci levels
for the past two weeks with big range downward momentum candles seen.
The Mass Index is in mid-range while on the MACD indicator the blue MACD
is crossing down on the red signal line and both are below the histogram.
On this long-range analysis , SPY is in an established downtrend without anything
to suggest a reversal. However, anything can happen to improve the macro outlook
so I am watching for a reversal if/when SPY approaches the Fib 0.5 / 349.8.
I am expecting however to see continuation down targetting at first the lower Fib level.
s
Using the up trend from the Covid Crash to all-time highs the first week of January
and then a retracement, price is presently between the 0.382 and 0.5 Fibonacci levels
for the past two weeks with big range downward momentum candles seen.
The Mass Index is in mid-range while on the MACD indicator the blue MACD
is crossing down on the red signal line and both are below the histogram.
On this long-range analysis , SPY is in an established downtrend without anything
to suggest a reversal. However, anything can happen to improve the macro outlook
so I am watching for a reversal if/when SPY approaches the Fib 0.5 / 349.8.
I am expecting however to see continuation down targetting at first the lower Fib level.
s
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.
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.