SPY/S&P500 Update Daily TF Sept 14
Our analysis yesterday morning was telling us that the markets were favoring a sell-off ahead of the US CPI news.
"Show me the charts & I'll tell you the news."
Things to note:
- 21SMA slopping down
- Bull target #1 re-test 50 & 100SMA
- 9SMA sideways but will turn down if price doesn't quickly move above. This is CRITICAL. Go look at what happens to charts where price can't get above 9SMA on the daily & 4HR TF
- broke back BELOW BF channel but has reclaimed so far
- Bear target #1 re-test Sept 6 low @ $388.60
- Bear target #2 gap @ $377.80
- Bear target #3 gap @ $365 & re-test June low
My opinion has not changed since I began discussing the bear flag patterns across the major indexes & cryptos.
I think we are going to set NEW lows but I am NOT rigid. If I find evidence to suggest otherwise, then otherwise it shall be.
"Show me the charts & I'll tell you the news."
Things to note:
- 21SMA slopping down
- Bull target #1 re-test 50 & 100SMA
- 9SMA sideways but will turn down if price doesn't quickly move above. This is CRITICAL. Go look at what happens to charts where price can't get above 9SMA on the daily & 4HR TF
- broke back BELOW BF channel but has reclaimed so far
- Bear target #1 re-test Sept 6 low @ $388.60
- Bear target #2 gap @ $377.80
- Bear target #3 gap @ $365 & re-test June low
My opinion has not changed since I began discussing the bear flag patterns across the major indexes & cryptos.
I think we are going to set NEW lows but I am NOT rigid. If I find evidence to suggest otherwise, then otherwise it shall be.
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