SPY: Long for the next 3 weeks
After some charting fun I made a few observations
~During the past dividends, there has been a big pullback which coincided with the previous 5% drop and this 6% drop. This could be a bearish indicator for future SPY contracts to keep in mind. Dividends = puts
~The previous resistance became the long term support ever since April. This, if SPY ever does break this resistance line without coming back, there are two gaps to fill which would be great Price targets (414.50-416) and (401.30-402.70)
~Using fractal recurrence, we can see that we may see a rise to probably around 449 before we see our next major pullback. The last 5% drop that followed a double bottom that we are seeing now followed this pattern, and seeing as to how this is a very similar fractal...Lord have mercy.
~Also keep in mind that the RSI is overbought rn and has also started curling up. Every time it has done this it has gone to overbought.
After some charting fun I made a few observations
~During the past dividends, there has been a big pullback which coincided with the previous 5% drop and this 6% drop. This could be a bearish indicator for future SPY contracts to keep in mind. Dividends = puts
~The previous resistance became the long term support ever since April. This, if SPY ever does break this resistance line without coming back, there are two gaps to fill which would be great Price targets (414.50-416) and (401.30-402.70)
~Using fractal recurrence, we can see that we may see a rise to probably around 449 before we see our next major pullback. The last 5% drop that followed a double bottom that we are seeing now followed this pattern, and seeing as to how this is a very similar fractal...Lord have mercy.
~Also keep in mind that the RSI is overbought rn and has also started curling up. Every time it has done this it has gone to overbought.
"Also keep in mind that the RSI is overbought rn and has also started curling up. Every time it has done this it has gone to overbought."
I meant that the RSI is oversold rn and is usually followed by going overbought