SPY Bearish -Election uncertainty + COVID. Target 330
Following a similar trend as September 1st week. SPY will retrace back after bullish momentum and Gap up’s last week. The Gap up was caused due to expectations for a Stimulus package in the works.
SPY is forming a Cup and a handle which is a bit of a head scratcher. Which is generally a bullish trend. But looking at CCI and SMS curving downwards. I believe SPY will retrace back to the SEP 11 Lows as profit taking to continue and more institution moving towards cash accumulation due to election uncertainty.
Estimated Target for next week.
SPY $330.82 (-4.5%)* - (Oct 23rd 2020)
News that is adding to the bearish trend
News that could reverse the bearish trend are
I will try to post weekly SPY targets.
Let me know if you have any questions.
Comment below if you agree or disagree.
I would like to also know what your target is for SPY ending this week.
SPY is forming a Cup and a handle which is a bit of a head scratcher. Which is generally a bullish trend. But looking at CCI and SMS curving downwards. I believe SPY will retrace back to the SEP 11 Lows as profit taking to continue and more institution moving towards cash accumulation due to election uncertainty.
Estimated Target for next week.
SPY $330.82 (-4.5%)* - (Oct 23rd 2020) News that is adding to the bearish trend
- Election Uncertainty.
- No Stimulus Package.
- Europe Shutdown.
- Election Tampering.
News that could reverse the bearish trend are
- Any Stimulus News.
- Vaccine Announcements.
I will try to post weekly SPY targets.
Let me know if you have any questions.
Comment below if you agree or disagree.
I would like to also know what your target is for SPY ending this week.
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