Bull was much stronger than what I expected when I published my first post. However, there has been 2 gap downs during the past 3 weeks, which suggests that something bad is brewing.
Now let's look at the 1 hr time frame. SPY has clearly fell out of the ascending channel today. Besides that, all the short, middle, long term moving average lines are primed to go down which will easily lead to a big resonance. Therefore, It's time to hedge your long positions my friends. Let's hope SPY can stand on the lower blue line next Monday, otherwise you know what I mean.
Now let's look at the 1 hr time frame. SPY has clearly fell out of the ascending channel today. Besides that, all the short, middle, long term moving average lines are primed to go down which will easily lead to a big resonance. Therefore, It's time to hedge your long positions my friends. Let's hope SPY can stand on the lower blue line next Monday, otherwise you know what I mean.