Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

SPY Just About At Retest Of 3-Year Rising Wedge Bottom

Published 10/22/2014, 01:12 AM
Updated 07/09/2023, 06:31 AM

SPY Daily Chart

S&P 500 is closing in on the retest of its 3-year rising wedge bottom. That will also be a retest of 196, the VWAP of the 4-month red megaphone on the chart.

Every attempt at a top on the way up from the low has broken out upwards. The latest try at a megaphone top is extending upwards without a real breakout.

There ought to be some kind of scuffle at the retest point, and Friday’s CPCI would usually give high odds to the bears there, with a target of roughly 1800. Also, the red megaphone would be legal for a breakout downwards to far past 1800.

But if SPY and ES break back into the 3-year rising wedge or through the red megaphone VWAP at SPY 196, it’s a fresh set-up to go long for a move to the red megaphone top and a new all-time high.

The play is to stay long unless and until we have an actual set-up to short.

Still, the entire wave up from the low has the look of an X wave short squeeze.

Original post

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.