Symmetrical Triangle - Update

1 Apr 2023

Posting an update on the SPY here as the markets closed out the week in somewhat of a make-or-break spot. The SPY continued to follow the bearish megaphone that it's been holding for months with its 50-day SMA slipping below its 200-day SMA (Death Cross). However, the SPY is holding a notable rising wedge on the weekly timeframe accompanied by declining bullish momentum as the Heikin Ashi Candles would indicate. The SPY is holding a nice symmetrical triangle on the daily timeframe, with buyers and sellers fighting all week. This comes as the markets head into a big week economically speaking. With the USD sliding and geo-political turmoil rising, the markets are in unchartered territory. Treading lightly here, some RSI-based supply and demand zones to keep an eye on in the interim, bearish and hedged-
--Previous Charts Attached Below--

--Weekly Timeframe--
https://www.tradingview.com/chart/SPY/CHl8ZdcF-SPY-Weekly-Update/
https://www.tradingview.com/chart/SPY/XQjMk55x-SPY-Update-Heiken-Ashi/

--Previously Charted--
https://www.tradingview.com/chart/SPY/COQaozMU-SPY-Bearish-Megaphone-Update/
https://www.tradingview.com/chart/SPY/5s5D4ME1-Bearish-Megaphone-on-the-SPY-Update/