SPY is presenting a myriad of bearish signals.
With the daily being so condensed, you can see it more clearly in the hourly.
1. RSI multiple bearish overbought divergences
2.Just as important as 1, the volume decrease each hour to an increasing price
3.MACD/Oscillator bearish divergences
4. Overall rising wedge
5. Approaching .618 retracement at 293
Now with the Fed shoving in money into the system, it's hard to predict the exact timing of this fall, but opening up a 1/3 to 1/2 position here in puts (minimum 1 month out for safety) or shorts is indicated.
I would not be surprised if we get one or two more up days to break out of the wedge and get everyone on board to being bullish, but don't panic, this will come down.
Look for the bottom of the wedge for the first target, and then each horizontal support on the way down before new lows.
With the daily being so condensed, you can see it more clearly in the hourly.
1. RSI multiple bearish overbought divergences
2.Just as important as 1, the volume decrease each hour to an increasing price
3.MACD/Oscillator bearish divergences
4. Overall rising wedge
5. Approaching .618 retracement at 293
Now with the Fed shoving in money into the system, it's hard to predict the exact timing of this fall, but opening up a 1/3 to 1/2 position here in puts (minimum 1 month out for safety) or shorts is indicated.
I would not be surprised if we get one or two more up days to break out of the wedge and get everyone on board to being bullish, but don't panic, this will come down.
Look for the bottom of the wedge for the first target, and then each horizontal support on the way down before new lows.