Evening Traders,
Quick Analysis on the SPY - trend is still bullish until the channel is broken.
Points to consider,
- Channel Resistance Respected
- 200 DMA Confluence
- RSI Support
- Stochastic Momentum Down
SPY is in a technical channel testing support that is in confluence with the Daily 200 MA, a bounce here is probable.
Breaking support will mean breaking market structure, SPY will then have bigger problems
The RSI is technically on support sitting above 50, breaking this will indicate weakness in the market.
Overall, in my opinion, the uptrend is still intact, the market remains bullish until the channel is broken
Hope this helps!
And remember,
“Trade What’s Happening…Not What You Think Is Gonna Happen.” – Doug Gregory
Quick Analysis on the SPY - trend is still bullish until the channel is broken.
Points to consider,
- Channel Resistance Respected
- 200 DMA Confluence
- RSI Support
- Stochastic Momentum Down
SPY is in a technical channel testing support that is in confluence with the Daily 200 MA, a bounce here is probable.
Breaking support will mean breaking market structure, SPY will then have bigger problems
The RSI is technically on support sitting above 50, breaking this will indicate weakness in the market.
Overall, in my opinion, the uptrend is still intact, the market remains bullish until the channel is broken
Hope this helps!
And remember,
“Trade What’s Happening…Not What You Think Is Gonna Happen.” – Doug Gregory
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Disclaimer
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Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
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.