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SPY: Topping Scenarios

Published 04/16/2015, 10:37 AM
Updated 07/09/2023, 06:31 AM

E-Mini S&P 500: June Futures

S&P 500 Would Usually Put In At Least a Fake Break Through Purple Rising Wedge Bottom Here.

S&P 500 would usually megaphone enough down here to put in at least a fake breakout through the purple rising wedge bottom.

And yesterday’s crash in the (ARCA:SPY) put-call ratio, on a rise in open interest, may be enough to take the price further, to the bottom of the blue topping megaphone. Or there may be enough of a buying surge at 2080 to eat up yesterday’s excess bullish sentiment.

If 2080 holds, the purple rising wedge extends. If 2080 doesn’t hold, ES continues back and forth in its blue megaphone top until it completes.

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