SPY Stuck In A Range Inside A Triangle 360-410 Range July B/O
We are still stuck inside this Range triangle and this week closed smack dab in the middle again at 390 area. The next 6 Months will be range bound with an anticipated July Break Out to either the upside or downside.
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Because of price compression inside this triangle, there is 1. No edge and 2. No favorable risk to reward. I am sitting out
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Here is the weekly triangle on ES Futures. Notice the structure is range bound with a flat 21ema.
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Flat lined weekly 21ema shows Range bound price. Since October, the ema has been flat at 3950 area.
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MACD shows flat momentum on the weekly with a slight bearish bias
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Here is the 2008 chart showing very similar price action as of today. My whole point in this post is to show that I do not see any signs of bullishness and on the contrary, I see bearishness/ Ranging.
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SPY monthly shows way over extension
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False bullish narrative. This is what the bulls are expecting but price does not move this way.
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This is the type of bearish price action that I am expecting. The monthly MACD clearly shows bearish momentum still in play with more room to go. All signs point to SPY $200 where I will be loading the trucks up.
