$SPY Inverse “U-Turns” Continue, and Target $654

SmartReversals
03-19

$SPDR S&P 500 ETF Trust(SPY)$

Another Inverse "U-Turn": This has been the price action mood for over a month.

Looks like a seventh week of "fake bounces," is coming adding another arch to the structure. $654 is the the primary downside destination for the week.

On Saturday, I posted the following outlook: $S&P 500(.SPX)$ is bearish below $6,700.4. I also included specific volatility levels and additional technical indicators to monitor.

This morning, I shared a chart via chat and email suggesting a bearish reversal. This outlook is based on yesterday’s vanishing rally and current bearish conditions, with both the SPY and $Invesco QQQ(QQQ)$ trading below their daily levels. Furthermore, the $SPDR Dow Jones Industrial Average ETF Trust(DIA)$ had already broken below its central weekly level.

As noted last Saturday, this is a peculiar market that exhausts both bulls and bears with its rapid spikes and sharp selloffs. Given that the SPX and $NASDAQ 100(NDX)$ both touched critical levels today, and a visit to their 200DMA looks imminent, we must assess the potential implications by comparing this price action to previous bear markets.

For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs.

🎉Cash Boost Account Now Supports 35,000+ Stocks & ETFs – Greater Flexibility Now

Find out more here.

Complete your first Cash Boost Account trade with a trade amount of ≥ SGD1000* to get SGD 688 stock vouchers*! The trade can be executed using any payment type available under the Cash Boost Account: Cash, CPF, SRS, or CDP.

Click to access the activity

Other helpful links:

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment
4