I been charting SPY every different angle and time frame possible. Its next to impossible. lol but I did find this, which would make a case for a temporary bounce. I have 4 confluences. 1. SPY rally off the 200 sma on the 3day time frame. 2. Fibonacci extension from this wave down is a perfect 2.618 which lines up perfectly with 0.382 fib retracement from the previous low on march 23, 2020. 4. SPY is throwing a bullish hammer on the 1 day, 2 day, 3 day. If it does play out and rallies to the fib retracement line 0.236, that would make a total 10% gain, and 6% from where it is currently at 3966.
Note
TA and news always coincide. Target was nearly met, and when it was at that target, that was the cpi 8.6 news release. June 15 at 1400hrs Fed interest rate announce.Note
Since the chart is following the prediction, lets find some supports. SPX supports. Scale back in the market between 3116 and 3390 -29% to -35%
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.