SPY update: Bears counter-gap down, voided island reversal.
Bears immediately counter-attacked by gapping down 1 day after bulls made an island reversal on Wed.
Those who immediately FOMO buy after island reversal were flushed out.(I warned that war not yet over due to 1 more down gap & strong resistance zone at 4700)
But the bulls immediately went up to fill the down gap. This is good but could be better if bulls continue their WED momentum & try to fill the next higher down gap that is still open.
The new battlezone is now b/w 440 & 460 which the bulls & bears should protect.
Better for bulls if they hold the 452 pivot support.
A small rally occurred last candle due to oversold RSI in 1 H chart.
However, on 1D chart, RSI turned down. The 430 level may be the maximum pain zone.
Not trading advice
Those who immediately FOMO buy after island reversal were flushed out.(I warned that war not yet over due to 1 more down gap & strong resistance zone at 4700)
But the bulls immediately went up to fill the down gap. This is good but could be better if bulls continue their WED momentum & try to fill the next higher down gap that is still open.
The new battlezone is now b/w 440 & 460 which the bulls & bears should protect.
Better for bulls if they hold the 452 pivot support.
A small rally occurred last candle due to oversold RSI in 1 H chart.
However, on 1D chart, RSI turned down. The 430 level may be the maximum pain zone.
Not trading advice
Penafian
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