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SPDR S&P 500 ETF TRUST
Short

$SPY: 50%-61.8% Retrace Seems Likely Before Continuation Higher

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The SPY seems likely to pull back to the levels of $420 to $400 before it can later decide whether it wants to continue the overall Bullish Trend to all-time highs. In the meantime, we are dealing with Double Bearish Divergence on the MACD, Overbought Conditions on the RSI, and a Bearish Engulfing Candle on the 4 Hour all while trading at the 1.13 Retrace of the local range it just broke out of.
RizeSenpai
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bearishdivergenceBearish EngulfingChart PatternscorrectionFibonacci RetracementTechnical Indicatorsoverbought-conditionretraceSPX (S&P 500 Index)US SPX 500SPDR S&P 500 ETF (SPY) Trend Analysis

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bearishdivergenceBearish EngulfingChart PatternscorrectionFibonacci RetracementTechnical Indicatorsoverbought-conditionretraceSPX (S&P 500 Index)US SPX 500SPDR S&P 500 ETF (SPY) Trend Analysis
RizeSenpai
Also on:

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.