SPY Stuck In A Range Inside A Triangle 360-410 Range July B/O

2023年1月21日

We are still stuck inside this Range triangle and this week closed smack dab in the middle again at 390 area. The next 6 Months will be range bound with an anticipated July Break Out to either the upside or downside.

2023年1月21日

註釋

Because of price compression inside this triangle, there is 1. No edge and 2. No favorable risk to reward. I am sitting out

2023年1月21日

註釋

Here is the weekly triangle on ES Futures. Notice the structure is range bound with a flat 21ema.

2023年1月21日

註釋

Flat lined weekly 21ema shows Range bound price. Since October, the ema has been flat at 3950 area.

2023年1月21日

註釋

MACD shows flat momentum on the weekly with a slight bearish bias

2023年1月21日

註釋

Here is the 2008 chart showing very similar price action as of today. My whole point in this post is to show that I do not see any signs of bullishness and on the contrary, I see bearishness/ Ranging.

2023年1月21日

註釋

SPY monthly shows way over extension

2023年1月21日

註釋

False bullish narrative. This is what the bulls are expecting but price does not move this way.

2023年1月21日

註釋

This is the type of bearish price action that I am expecting. The monthly MACD clearly shows bearish momentum still in play with more room to go. All signs point to SPY $200 where I will be loading the trucks up.