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aaronsmth5
25. Sept. 2020 13:12

SPY Bullish Descending Wedge Formation Long

AMEX:SPY1D
SPDR S&P 500 ETF TRUSTArca

Beschreibung

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SPY looks to be forming a descending wedge. I will be watching closely for a break out of this wedge to go long.

Let's see how this plays out the next few days with potentially more stimulus being announced.

Kommentar

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Will likely open a long position near 315 if this plays out as expected
Chart PatternsTrend AnalysisTechnical IndicatorsSPDR S&P 500 ETF (SPY) spylongSPX (S&P 500 Index)sp50
Kommentare
dryanhawley
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You and I are basically in agreement, I think, down to the 200 EMA or the 200 DMA then up.
dryanhawley
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xx
dryanhawley
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Harry, I agree with your chart, but I think Mort'd idea of a correction to 200 DMA is likely. It's awesome that you are Bullish after 3 weeks of selling. the trend is defiantly down, until it isn't.
You may be right though, good luck my Friend.
aaronsmth5
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@dryanhawley, appreciate it. I do think there is a fair chance that we go down further within this wedge early next week. I will likely not open a large "long" position but will take the risk if we see SPY touch 312-315 area Mid-week just before month's end
aaronsmth5
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@dryanhawley, for example see this chart of the 2 hr time frame:
TuftedCreator
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@aaronsmth5, This is similar to what i've mapped out
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