SPX/SPY - Update Part 2 of 2 - Weekly Trend Turning Bearish
Weekly trend for SPX/SPY is turning bearish.
We flashed a sell signal on the weekly candle yesterday. This is significant as this happens AT the turn down.
0.618 Fib Extension is around same level as 10WeekMA. The blue support is around 0.50 Fib Extension. Multiple things line up. :)
Indicators
RSI trend on Weekly is maxed out and very close to breaking down through trendline.
Next weekly trend is bearish. This confirms we should break the RSI trendline.
Please see "SPX/SPY - Update Part 1 of 2 - Bear Flag on 1HR" for the other chart this morning.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, and VIXY.
Short SPY and AAPL.
We flashed a sell signal on the weekly candle yesterday. This is significant as this happens AT the turn down.
0.618 Fib Extension is around same level as 10WeekMA. The blue support is around 0.50 Fib Extension. Multiple things line up. :)
Indicators
RSI trend on Weekly is maxed out and very close to breaking down through trendline.
Next weekly trend is bearish. This confirms we should break the RSI trendline.
Please see "SPX/SPY - Update Part 1 of 2 - Bear Flag on 1HR" for the other chart this morning.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, and VIXY.
Short SPY and AAPL.