SPY is Looking Bearish In This Triangle | Sunday Analysis
SPY (S&P 500 ETF)
Support at 281 because of previous resistance and the 200 day moving average.
Resistance at 294 because of previous resistance.
Price action is looking to be range bound between the support and resistance while it forms a triangle.
Looking for the triangle breakout below the support of 281 to move back down to the 273 support or for the triangle to breakout above the resistance of 294 to move back up to the all time high resistance.
Predicting that SPY breakout to the downside because of the previous downturn since the all time high. Trends tend to continue after periods of consolidation.
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Support at 281 because of previous resistance and the 200 day moving average.
Resistance at 294 because of previous resistance.
Price action is looking to be range bound between the support and resistance while it forms a triangle.
Looking for the triangle breakout below the support of 281 to move back down to the 273 support or for the triangle to breakout above the resistance of 294 to move back up to the all time high resistance.
Predicting that SPY breakout to the downside because of the previous downturn since the all time high. Trends tend to continue after periods of consolidation.
To learn more and follow along, please
1. Give me a like and follow on here
2. Follow me on Instagram
3. Follow me on Youtube