This interesting pattern that I have been looking at is showing a possible support for the $SPY at 201.00. It is 205.94 as of the weekly close so there is still potential for some more downside in the week ahead. If there was a weekly close below 200.00 on the $SPY then we could have a confirmed top reversal in play. Too early to say how this is going to play out yet. As long as the monthly MACD is crossed down my expectation is to the downside meaning a break below 200.00 is more likely than a new high.
No comments:
Post a Comment