SPY has bullish bias after a day downtrending LONG
Diupdate
SPY on the 15 -minute chart is shown to be in a megaphone or broadening wedge pattern since
March 5th. Price is now at the lower support ascending support trend line. The Gaussing
regression line forecast indicator an example of predictive modeling confirms with a prediction
that price will trend up inside the pattern and head toward the upper resistance trendline.
The mass index appropriately has signaled a reversal with a signal line that topped 32 and then
fell below the trigger. I found two long bottoming wicks in the prior two days at nearly the
same bottom level. The line /ray connecting them comes to a value of 512.75 which becomes
my immediate-term target. I will enter a trade of shares along with call options. The call
options are for a next-day expiration striking 513 ( OTM just a little). TEXT BOX correction:
The regression line forecast by Luxalgo's algorithm suggests a reversal and trend up into the ascending resistance.
March 5th. Price is now at the lower support ascending support trend line. The Gaussing
regression line forecast indicator an example of predictive modeling confirms with a prediction
that price will trend up inside the pattern and head toward the upper resistance trendline.
The mass index appropriately has signaled a reversal with a signal line that topped 32 and then
fell below the trigger. I found two long bottoming wicks in the prior two days at nearly the
same bottom level. The line /ray connecting them comes to a value of 512.75 which becomes
my immediate-term target. I will enter a trade of shares along with call options. The call
options are for a next-day expiration striking 513 ( OTM just a little). TEXT BOX correction:
The regression line forecast by Luxalgo's algorithm suggests a reversal and trend up into the ascending resistance.
Catatan
ZOOM in showing immediate forecasted regression line action suggesting a price topat strike 513 showing how the call expiration strike was set in the above idea
Catatan
Note the predictive modeling is for a rise in SPY during the premarket and thena fall to the losde of the regular market on Friday by the opening bell essentially
suggesting that overall price will be sideways within a $3.00 share upward
volatility.
Catatan
Spy trended down today and may be at a low pivot after-hours for an uptrendingTuesday.
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