SPY Chart 2 of 2 Weekly Mid Term
Please note, I define short term as a range of a few weeks, mid term as a Quarter, maybe a Quarter and a half.
In the short term I'm Bullish, however, very wary at longer time frames - anything can happen -- too many systemic problems. Risk Off is a key term.
Back to TA -- note the channel - that presents the Bull Case **WITH...an Inverse Head and Shoulders moving price action back into the Channel.
The Bear case is shown with a hypothetical WXYXZ pattern.
Transitional/Decision Point - note the MA30, and where it crosses (at this trajectory) point X. That's a major inflection point, as, SPY regains the Channel, or, is rejected --- a fall to SPY 320 ish (or lower) and at my macro Fib .618.
With all this said, and for the 4 people still reading, SPY has to regain the lower TA line (Channel Line) soon.
In the short term I'm Bullish, however, very wary at longer time frames - anything can happen -- too many systemic problems. Risk Off is a key term.
Back to TA -- note the channel - that presents the Bull Case **WITH...an Inverse Head and Shoulders moving price action back into the Channel.
The Bear case is shown with a hypothetical WXYXZ pattern.
Transitional/Decision Point - note the MA30, and where it crosses (at this trajectory) point X. That's a major inflection point, as, SPY regains the Channel, or, is rejected --- a fall to SPY 320 ish (or lower) and at my macro Fib .618.
With all this said, and for the 4 people still reading, SPY has to regain the lower TA line (Channel Line) soon.
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