SPY is in a consolidation phase, in which it develops a pattern called low base formations. After the leg down, the low base formation is more bearish than bullish.
It is below all moving averages (8,20,50,200), which also indicates that SPY is more bearish than bullish.
The volume is neutral because we are in a period of weaker volume.
The RSI is in a neutral position.
MACD is in a neutral to bearish position.
Assessment: if SPY falls below 374.77, i.e. the low of 22 Dec, a strong fall towards the lower trend line will most likely follow.
A daily close above 391 would open the way to a test of the 200 MA and the upper trend line.
70% chance it will go down.
It is below all moving averages (8,20,50,200), which also indicates that SPY is more bearish than bullish.
The volume is neutral because we are in a period of weaker volume.
The RSI is in a neutral position.
MACD is in a neutral to bearish position.
Assessment: if SPY falls below 374.77, i.e. the low of 22 Dec, a strong fall towards the lower trend line will most likely follow.
A daily close above 391 would open the way to a test of the 200 MA and the upper trend line.
70% chance it will go down.
Consistency is the key of success....