$SPY TOP 20
Added 2024-04-17 12:11:24 +0000 UTCOk this is the 1hr chart above but on the daily chart the 50 Day MA is at $510 exactly now.
We said in our last $SPY upload that it has lost the 50 Day MA so what we want to see next from $SPY is a retest of the level from below, so this should come in the form of a small relief bounce today or tomorrow (pending no unexpected attacks from Israel on Iran, this will likely negatively affect the market)
We can see on the RSI on the 1hr chart that it is oversold around 30 and the MACD is showing the aggressive selling pressure lately and is also due a bounce too.
So this is what we will be watching for today and tomorrow, a retest of the $510 level.
We can see on the 1hr chart here that the 50 MA has crossed down through the 200 MA, which is a bearish trend, this is at $512.
Comments
Ah yes, in the bullish scenario - Makes sense. In that case, would we still be in an ABC correction and heading towards A at 457$?
Mehdi
2024-04-17 12:34:16 +0000 UTCNo, retesting from below....which follows our chart. Flipping the 50 Day MA back to support is bullish for the bulls yes.
Gareth Neary
2024-04-17 12:32:54 +0000 UTCRetest of the level from above you mean? Like turning the 50 Day MA (at $510) as resistance, right?
Mehdi
2024-04-17 12:14:41 +0000 UTC
