SPY- Bearish- Update
Just posting a quick update on the SPY here as on Friday we saw a hard rejection of the 400 level. The SPY closed out the week reclaiming its 50-day EMA and is sitting right on it at the moment, however, it rejected the 400 mark multiple times on Friday. Additionally, a bearish ABCD Elliot Wave has fully formed on the daily timeframe accompanied with some bearish hidden divergence on the RSI. Seems as if this bearish megaphone is continuing to play out so will be treading lightly at the moment.
Lastly, certainly worthwhile to note the importance of the upcoming week economically speaking. This coming Wednesday there's the upcoming FOMC announcement pertaining to inflation and interest rates, followed by the Fed Chair Press Conference, as well as various other economic data of the likes of GDP data, and new home sales. Staying hedged & scaling into long-term buying opportunities. Just some FIB levels and RSI-based supply and demand zones to keep an eye on in the meantime - (Previous Charts Attached Below).
--Previously Charted--
https://www.tradingview.com/i/vOAT514J/
https://www.tradingview.com/i/xl2qSW84/
https://www.tradingview.com/i/5s5D4ME1/
https://www.tradingview.com/i/9veQFeN1/
Lastly, certainly worthwhile to note the importance of the upcoming week economically speaking. This coming Wednesday there's the upcoming FOMC announcement pertaining to inflation and interest rates, followed by the Fed Chair Press Conference, as well as various other economic data of the likes of GDP data, and new home sales. Staying hedged & scaling into long-term buying opportunities. Just some FIB levels and RSI-based supply and demand zones to keep an eye on in the meantime - (Previous Charts Attached Below).
--Previously Charted--
https://www.tradingview.com/i/vOAT514J/
https://www.tradingview.com/i/xl2qSW84/
https://www.tradingview.com/i/5s5D4ME1/
https://www.tradingview.com/i/9veQFeN1/
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