SPY is looking Bearish

15 thg 8, 2023

The Daily chart on the right is in a downtrend and SPY is losing the 50 SMA on the middle 1H chart, but the candle that is not fully formed. It's trading below VWAP on the lower timeframe (right chart). If it can break the blue floor on the middle 1H chart, and stay below the 8-ema on the left chart, it's looking extremely bearish and should confirm what I'm seeing on the other two charts.

My opinion is Bearish, but this is merely what could happen and still needs more confirmation. This is not financial advice.

Happy Trading!