SPY - Game Plan Week of February 1

31 de jan. de 2021

My projections for the daily candles. RSI broke below 50 and we're still above a double-bottom. The next closest one is $364-366. If we see price action significantly break thru this zone and close at or above it, expect it to continue along the trajectory I've drawn. If we get a bounce (long shadow) off of the dashed green $366, we'll get a bounce back to ATH's. February is historically among the weakest months for the markets, so a draw-down to September/October highs ($350) is looking more and more likely. This would also give the market a lot of confidence before making a major move ahead. This would also tie in nicely with an expected infusion of liquidity. We all know where that stimulus is going. Cheers!

1 de fev. de 2021

Nota

Tues/Wed:

2 de fev. de 2021

Nota

Lots of divergence on the hourly charts. Watching price action, expecting a consolidation pattern to develop (pennant). A quick pullback to $376 seems in order.