SPY - bullish (pitchfork analysis)

2022년 8월 24일

This builds on my previous pitchfork analysis (see related idea which pointed to June 17th as the point of reversal and the start of the longer term bullish cycle). While that still stands strong, this is a smaller term analysis. SPY reached the intersection of 2 upper pitchfork lines (well, one bar off the intersection) after which it fell. Now it reached lower pitchfork line which is a likely point a reversal, turning bullish. SPY however may go down to the next red line before bouncing back up. Looking at other, longer term pitchfork lines I drew, SPY hasn't become fully bullish (that is, it reached higher order bottom pitchfork lines than the upper lines.

2022년 8월 24일

노트

I'm working on an AI based trading algorithm. It's still in early stages but looking at its predictions for tomorrow it seems there are stronger bearish predictions for tomorrow than bullish. If that holds true then tomorrow won't be a bullish day for the market. In that case the market may dip lower towards the next 2 dotted red lines or it may just be a quick dip below that blue dotted line the price is touching after which an upper trend will continue.

2022년 9월 8일

노트

After a short bump up SPY did fall and did so below the 2 red lines. I my original screenshot I drew a pitchfork based on prices on June 17th, June 28th Jul. 6th. The next level down was to draw the same pitchfork but to July 14th instead of Jul. 6th. It reached that level over the last 4 earlier days and this is a likely level of support. Here's an updated screenshot: