This Wednesday nearly every stock in my list is up. The market as a whole is doing a recovery today. I went to the Daily 
SPY to see where price action stands and found that price action of the SPY is within a bearish spike that occurred on November 22. In any instrument this would be a signal albeit the statistics of the spike's clearance are sub optimal.
As price approaches 464 it will test the 50% Retracement "line in the sand" as Resistance. Conquering this, it can go on to retest the ATH, make a new one, and continue the "Santa Claus rally" that I have been expecting from this "normal" year.
If the bearish pattern continues it could find support in the region around 450 that was a prior ATH and the 50% retracement of the last leg up.
Currently momentum remains bullish according to Ichimoku. Price has through the first days of December to stay on the bullish side of price action.
SPY to see where price action stands and found that price action of the SPY is within a bearish spike that occurred on November 22. In any instrument this would be a signal albeit the statistics of the spike's clearance are sub optimal.As price approaches 464 it will test the 50% Retracement "line in the sand" as Resistance. Conquering this, it can go on to retest the ATH, make a new one, and continue the "Santa Claus rally" that I have been expecting from this "normal" year.
If the bearish pattern continues it could find support in the region around 450 that was a prior ATH and the 50% retracement of the last leg up.
Currently momentum remains bullish according to Ichimoku. Price has through the first days of December to stay on the bullish side of price action.
"Be to others the person you needed to meet 10 years ago"
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Discord Trading Community: discord.gg/eDfhKvS5AC
Youtube: youtube.com/c/NoroksNotepad
Twitter: twitter.com/noroktrade
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.
"Be to others the person you needed to meet 10 years ago"
Discord Trading Community: discord.gg/eDfhKvS5AC
Youtube: youtube.com/c/NoroksNotepad
Twitter: twitter.com/noroktrade
Discord Trading Community: discord.gg/eDfhKvS5AC
Youtube: youtube.com/c/NoroksNotepad
Twitter: twitter.com/noroktrade
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.