11/09/2020 UVXY - update
Hi All,
Tomorrow will be a very interesting market. We got strong hammer candle on VIX/full bearish red candle on the SPY.
The interpretation of the two candlesticks is simple. A lot of buying activity is happened on UVXY price around 12, thanks to JGM0706 who called $12 as a bottom months ago.
On the other side, SPY, we have a full red candle without a wick at an all-time high. This can be perceived as longs started to realize their gains/buyers exhausted their momentum. Due to the huge red candle, I'm expecting inside green bar tomorrow, or Harami pattern, which would give confirmation that probability of S&P500 heading to the south is higher.
Candle formation on UVXY/SPY tomorrow will decide market trend for at least a week.
Tomorrow will be a very interesting market. We got strong hammer candle on VIX/full bearish red candle on the SPY.
The interpretation of the two candlesticks is simple. A lot of buying activity is happened on UVXY price around 12, thanks to JGM0706 who called $12 as a bottom months ago.
On the other side, SPY, we have a full red candle without a wick at an all-time high. This can be perceived as longs started to realize their gains/buyers exhausted their momentum. Due to the huge red candle, I'm expecting inside green bar tomorrow, or Harami pattern, which would give confirmation that probability of S&P500 heading to the south is higher.
Candle formation on UVXY/SPY tomorrow will decide market trend for at least a week.
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