Yeah.
I am getting kind of bullish and wanted to share my thoughts quickly.
Today was great, we saw multiple rejections off the top of the weekly calculated range. If you remember from my last post the weekly range was 353 - 376. We had two tests and rejections of 376 today. Great. Affirmed bearishness.
But wait! There is more!
Its actually looking really bullish.
No seriously, hear me out here. Look at the chart above.
Looked?
K great, now look at SDS:
See? If not, don't worry, I will give you the answers at the end ;). Now last chart, look at UVXY:
See?
No? Yes? Well, try now:
UVXY:
SDS:
What are we looking at? Let us summarize:
- The obvious thing that many people are talking about is we are approaching the 200 EMA on the weekly. So there is that.
- We have descending support and EMA support around 360 - 358 ish range
- We have a head and shoulders pattern forming on SDS (inverse ETF of SPY).
- UVXY is forming another triangle, having formed and broken down from one not too long ago. I have drawn it as a symmetrical triangle but it is more of a descending triangle.
- SPY re-testing the lower range of this descending support would create a pseudo inverse H&S pattern on the 1 hour:
Plan?
- I want to see either a retest of that descending support on SPY (around lower 360s and if it makes it, the 350s) and I will be watching for rejection of the upper part of that triangle on UVXY. I will also be watching for a completion of the head and shoulders pattern on SDS.
Long term forecast:
- Yeah still bearish here. But we can't go straight down and SPY is overdue for a nice little bull run. I am hoping these charts will put a momentary halt on all these bearish targets that SPY has been ripping through.
My thoughts!
What are yours? Share below, I love to hear!
Trade safe everyone
I am getting kind of bullish and wanted to share my thoughts quickly.
Today was great, we saw multiple rejections off the top of the weekly calculated range. If you remember from my last post the weekly range was 353 - 376. We had two tests and rejections of 376 today. Great. Affirmed bearishness.
But wait! There is more!
Its actually looking really bullish.
No seriously, hear me out here. Look at the chart above.
Looked?
K great, now look at SDS:
See? If not, don't worry, I will give you the answers at the end ;). Now last chart, look at UVXY:
See?
No? Yes? Well, try now:
UVXY:
SDS:
What are we looking at? Let us summarize:
- The obvious thing that many people are talking about is we are approaching the 200 EMA on the weekly. So there is that.
- We have descending support and EMA support around 360 - 358 ish range
- We have a head and shoulders pattern forming on SDS (inverse ETF of SPY).
- UVXY is forming another triangle, having formed and broken down from one not too long ago. I have drawn it as a symmetrical triangle but it is more of a descending triangle.
- SPY re-testing the lower range of this descending support would create a pseudo inverse H&S pattern on the 1 hour:
Plan?
- I want to see either a retest of that descending support on SPY (around lower 360s and if it makes it, the 350s) and I will be watching for rejection of the upper part of that triangle on UVXY. I will also be watching for a completion of the head and shoulders pattern on SDS.
Long term forecast:
- Yeah still bearish here. But we can't go straight down and SPY is overdue for a nice little bull run. I am hoping these charts will put a momentary halt on all these bearish targets that SPY has been ripping through.
My thoughts!
What are yours? Share below, I love to hear!
Trade safe everyone
Premium indicators and content have launched! Get access at: www.patreon.com/steversteves
