SPY / FUTURES - WEEKLY VIEW

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Micro E-mini S&P 500 Index Futures (CME_MINI:MES1!)

CME_MINI:MES1! Micro E-mini S&P 500 Index Futures

trendanalysis chartpattern indicator spy futures bearishengulfing bearishdivergence

We had triple MAC D Bearish divergence going into the close of the week. SPY came back up and filled the gap on Friday. But when you zoom out to the weekly we see that even though we rallied into the weekly close, we still ended up with bearish engulfing candles on both charts. We still have that gap to fill around 400 and with all the macro bad news that came out last week it would make sense to come back down again. Usually when we get a good pull back the spy will touch the 20 MA weekly which it didn't do this time. We'll have to wait and see what happens.