Although mid to long term I am bullish, for the next couple weeks, as I mentioned in my previous post, I am looking to see SPY $410 levels. May be lower? Who knows.
VIX is about to make a Death Cross (50 sma is crossing below 200 sma). Whenever this happened, historically, VIX has spiked big before falling down. Also On weekly there is an obvious bullish RSI divergence in weekly. I have to mention the candlestick in weekly which is a bullish harami. Checkout what happened when we saw this in VIX weekly chart.
SPY has tried 200 sma and was not able to break. Also today SPY has broken the regression channel downwards it was in since 7/15. Also There is an imbalance in liquidity. In order SPY to break 200 sma (which I believe it will) needs to get liquidity which is around $410's. Also this is a key trendline bottom. If this is broken, then SPY will be well below $390's. Another evidence that SPY is bearish is the bearish MACD divergence.
I would love to have these charts put here, I don't now how to get multiple charts or add pictures.
You may chart yourself and see. Be safe.
VIX is about to make a Death Cross (50 sma is crossing below 200 sma). Whenever this happened, historically, VIX has spiked big before falling down. Also On weekly there is an obvious bullish RSI divergence in weekly. I have to mention the candlestick in weekly which is a bullish harami. Checkout what happened when we saw this in VIX weekly chart.
SPY has tried 200 sma and was not able to break. Also today SPY has broken the regression channel downwards it was in since 7/15. Also There is an imbalance in liquidity. In order SPY to break 200 sma (which I believe it will) needs to get liquidity which is around $410's. Also this is a key trendline bottom. If this is broken, then SPY will be well below $390's. Another evidence that SPY is bearish is the bearish MACD divergence.
I would love to have these charts put here, I don't now how to get multiple charts or add pictures.
You may chart yourself and see. Be safe.