Hello Traders,
We can clearly see a top signal as SPY has started to play out a bearish divergence at the 594 level. The 594 level seemed to fade during after hours upon the announcement of Moody's US credit downgrade as the price sliced through the 590 level all the way down to 588.
I believe the price will rapidly cascade down sub 580, down to 571 Monday - Tuesday. The gap fill is at 565.13. The gap fill level is too obvious, therefore I would be surprised if the price perfectly reversed (although, expect a reaction at this level).
My target for this downturn is 561.63, which is the 38.2% fib level, as low as 551.48.
This would offer a great pullback and buying opportunity for the long term, for the bullish case.
I personally believe that the stock market won't make all time highs, but does not mean I will miss out on bullish opportunities, if the trend does truly reverse.
As always, we will have to see what Monday brings us.
We can clearly see a top signal as SPY has started to play out a bearish divergence at the 594 level. The 594 level seemed to fade during after hours upon the announcement of Moody's US credit downgrade as the price sliced through the 590 level all the way down to 588.
I believe the price will rapidly cascade down sub 580, down to 571 Monday - Tuesday. The gap fill is at 565.13. The gap fill level is too obvious, therefore I would be surprised if the price perfectly reversed (although, expect a reaction at this level).
My target for this downturn is 561.63, which is the 38.2% fib level, as low as 551.48.
This would offer a great pullback and buying opportunity for the long term, for the bullish case.
I personally believe that the stock market won't make all time highs, but does not mean I will miss out on bullish opportunities, if the trend does truly reverse.
As always, we will have to see what Monday brings us.
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免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。