$SPY Last week resulted in a breakdown from the triangle / flag Friday's action resulted in an unfilled gap and essentially a look above and fail type move so far. For this week I'll be watching 411.58 & 406.61 Bearish pressure will remain as long as market is below 406.61 and we should target 400.67 in this instance with an overshoot of 396.60 where both the 50SMA and 200SMA are close (393-396.60 area). Bulls regain control over 411.58 at which point we would target 415.92 and 419.99 (if the large seller does not return at 415-417 like the past few attempts)
SPY weekly chart here shows the 2B top pattern is still technically in tact, so long as this week puts in a lower high, and preferable a move to 400.67 for the structure. The dotted green line is basically the turning point. Bulls have control above this lines, bears below. Below the line and market will drop swiftly, something bulls will want to defend desperately.
ES visual 4155 is the area that resulted in large sellers (despite record retail volume) Market needs to see a move back over 4155 rapidly for the bull case to 4205, i disagree with Mancini in that this is not a flag, it doesn't meet the definitions of a flag. There was certainly a bullish channel that was broken on Thursday I think you can use 4114 as a guide for potential trip back to 4130-4155, and if you clear 4155 then move to 4223+ On the short side, below 4056 target 4000. Below 4000 target 3914-3956
Some thoughts for the week
Some thoughts for the week
Some thoughts for the week
$SPY Last week resulted in a breakdown from the triangle / flag Friday's action resulted in an unfilled gap and essentially a look above and fail type move so far. For this week I'll be watching 411.58 & 406.61 Bearish pressure will remain as long as market is below 406.61 and we should target 400.67 in this instance with an overshoot of 396.60 where both the 50SMA and 200SMA are close (393-396.60 area). Bulls regain control over 411.58 at which point we would target 415.92 and 419.99 (if the large seller does not return at 415-417 like the past few attempts)
SPY weekly chart here shows the 2B top pattern is still technically in tact, so long as this week puts in a lower high, and preferable a move to 400.67 for the structure. The dotted green line is basically the turning point. Bulls have control above this lines, bears below. Below the line and market will drop swiftly, something bulls will want to defend desperately.
ES visual 4155 is the area that resulted in large sellers (despite record retail volume) Market needs to see a move back over 4155 rapidly for the bull case to 4205, i disagree with Mancini in that this is not a flag, it doesn't meet the definitions of a flag. There was certainly a bullish channel that was broken on Thursday I think you can use 4114 as a guide for potential trip back to 4130-4155, and if you clear 4155 then move to 4223+ On the short side, below 4056 target 4000. Below 4000 target 3914-3956