The 15 minute chart is oversold and should spend the rest of the day going back up to reset itself. How high the market goes with it is a different story.
I agreed Woody, but without some serious volume behind this selling, we can't rule out the possibility of a move back up. Let's see how it closes today first, before thinking that it's going back to 111.07 spy.
I think we will hit 1085-1090 spx today, but a break of that could lead to a big move down to 1070 area. As long as the 1085-1090 holds today, we could close around that level… putting in a nice bear flag for tomorrow.
That would lead the door open for a gap down in the morning. But the 60 minute chart is oversold and will need to work that off at some point. Meaning that would could have a “pause” day tomorrow while that time frame resets.
I'll know more during the last hour of the day… (of course… Duh!)
The 15 minute chart is oversold and should spend the rest of the day going back up to reset itself. How high the market goes with it is a different story.
Hre we go with typical low volume algo/machine manipulation. Volume started to dry up, and they took over.
We could chop around here until the last hour of the day.
This is def. the algos/machines kicking in.
I agreed Woody, but without some serious volume behind this selling, we can't rule out the possibility of a move back up. Let's see how it closes today first, before thinking that it's going back to 111.07 spy.
if SPY starts to move back i am expecting it to move till 110.90. this area may act as supply zone for today.
Hard to say Ryan?
I think we will hit 1085-1090 spx today, but a break of that could lead to a big move down to 1070 area. As long as the 1085-1090 holds today, we could close around that level… putting in a nice bear flag for tomorrow.
That would lead the door open for a gap down in the morning. But the 60 minute chart is oversold and will need to work that off at some point. Meaning that would could have a “pause” day tomorrow while that time frame resets.
I'll know more during the last hour of the day… (of course… Duh!)
Where do you think we'll end today Leo?
That's one big gap to fill!
Thanks San…
Would a move back to 111.07 spy be a backtest of any trendline pattern?