What did you do SPY?? Chart analysis
What did you do, SPY? chart analysis
Let's see the Daily time-frame:
I used a Fib retracement to declare the possible levels, and the blue triangle resistance at the same level as the fib 0,23 is, If the price breaks it, then we are going to the lower levels Fib 0,382.
We are below the 200 EMA and the 50EMA.
We have a bearish divergence between price and volume in a chart (I think decreasing volume means that the trend is weakening as the number of buyers who are willing to go long in the stock decrease.
Since we had a gap down today, we have three different options:
a) go
b) consolidate
c) filling the gap
Let's observe the fact that we still have COVID 19 "in the air," and now this oil shit happened. If there won't be any solutions for the oil in the short term can declare the direction of the spy, the market can go lower ( but for the confirmation, we have to check the 4hr and 1 hr time-frames as well)
Another thing that can happen is that the FED will pump up the market again, so "filling the gap"( but for the confirmation, we have to check the 4hr and 1 hr time-frames as well) as well a player. If we go up the blue triangle upper part can be an edge around 284,56$
What do you think?
On the 4hr time-frame:
We are in the downtrend channel from the daily chart, but the last candle I would say a kind of inverted hammer, but the trail not as long as it is in the workbook, so there is a possibility to go up from here.
The 50EMA is crossing the last three candles, and 10SMA and 20SMA are fading.
What do you think?
On the 1hr time-frame:
After the gap down, we were slowly heading lower and lower, but at the end of the day, we closed with an inverted hammer, which is an inverted hammer, but not the best example since its body bearish instead of bullish. In the last 3 hours, the volume started to be faded, and we have a bearish divergence between price and volume in a chart. Can predict a trend change.
What do you think?
Thank you for your comment, and I hope I can learn from it. Let me know what do you think about the chart since I am still learning the technical analysis.
Let's see the Daily time-frame:
I used a Fib retracement to declare the possible levels, and the blue triangle resistance at the same level as the fib 0,23 is, If the price breaks it, then we are going to the lower levels Fib 0,382.
We are below the 200 EMA and the 50EMA.
We have a bearish divergence between price and volume in a chart (I think decreasing volume means that the trend is weakening as the number of buyers who are willing to go long in the stock decrease.
Since we had a gap down today, we have three different options:
a) go
b) consolidate
c) filling the gap
Let's observe the fact that we still have COVID 19 "in the air," and now this oil shit happened. If there won't be any solutions for the oil in the short term can declare the direction of the spy, the market can go lower ( but for the confirmation, we have to check the 4hr and 1 hr time-frames as well)
Another thing that can happen is that the FED will pump up the market again, so "filling the gap"( but for the confirmation, we have to check the 4hr and 1 hr time-frames as well) as well a player. If we go up the blue triangle upper part can be an edge around 284,56$
What do you think?
On the 4hr time-frame:
We are in the downtrend channel from the daily chart, but the last candle I would say a kind of inverted hammer, but the trail not as long as it is in the workbook, so there is a possibility to go up from here.
The 50EMA is crossing the last three candles, and 10SMA and 20SMA are fading.
What do you think?
On the 1hr time-frame:
After the gap down, we were slowly heading lower and lower, but at the end of the day, we closed with an inverted hammer, which is an inverted hammer, but not the best example since its body bearish instead of bullish. In the last 3 hours, the volume started to be faded, and we have a bearish divergence between price and volume in a chart. Can predict a trend change.
What do you think?
Thank you for your comment, and I hope I can learn from it. Let me know what do you think about the chart since I am still learning the technical analysis.
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