SPY to Maintain Bullish Sentiment
Hi there my fellow traders/ investors,
I am a day trader however I like to to analyze a stock on a larger timeframe taking into account supply/ demand zones, support and resistance levels, strength of momentum, oversold and overbought levels and I want to start sharing my ideas and technical analysis with you all. Any feedback as well as new opinions are welcomed and appreciated!
Daily --> SPY is currently maintaining a peak overbought level at 100 as shown with the stochastic RSI indicator
--> There are (2) resistance levels to keep an eye on for SPY $454.00 and $457.50 and a possible range that can be formed between these price levels
Hourly --> A bearish divergence has formed. 3 times price continued to make higher highs however the awesome oscillator failed to record this price movement
I have nothing major to note on shorter timeframes. My target is to take advantage of price pulling back before making a higher high. I continue to see bullish momentum which I believe may continue early next week Monday, Tuesday before "reversing" (as mentioned I am a day trader and take advantage of minor moves in the market so a reversal for me can be seen as consolidation for an investor). Next support levels to the downside are $450.00 and $447.00.
Have a great weekend everyone!
I am a day trader however I like to to analyze a stock on a larger timeframe taking into account supply/ demand zones, support and resistance levels, strength of momentum, oversold and overbought levels and I want to start sharing my ideas and technical analysis with you all. Any feedback as well as new opinions are welcomed and appreciated!
Daily --> SPY is currently maintaining a peak overbought level at 100 as shown with the stochastic RSI indicator
--> There are (2) resistance levels to keep an eye on for SPY $454.00 and $457.50 and a possible range that can be formed between these price levels
Hourly --> A bearish divergence has formed. 3 times price continued to make higher highs however the awesome oscillator failed to record this price movement
I have nothing major to note on shorter timeframes. My target is to take advantage of price pulling back before making a higher high. I continue to see bullish momentum which I believe may continue early next week Monday, Tuesday before "reversing" (as mentioned I am a day trader and take advantage of minor moves in the market so a reversal for me can be seen as consolidation for an investor). Next support levels to the downside are $450.00 and $447.00.
Have a great weekend everyone!
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