FINANCIAL ICEBERG
Always consider hidden risks
​
 SPY TECHNICALS
SPY Technicals:  Big Picture ?
 October 19  ​( From Stockcharts, TradingView  )
If you would like to receive our free daily markets updates, please Sign-Up









The Situation

​
We just start to realize how deep and violent the correction was on the ​​​US ​
​equity ​market lately. From the peak price on SPY ETF reached on May 20 2015 
​at 213.78 ​to ​the low made on August 24 at 182.40, for a ​move of 14.68%.
​
That was the first serious real correction since October 2014...​

​​In fact, when we broke a Rising Wedge Pattern on August 21 2015​, ​​game was 
​over on SPY on a short term basis and then ​reached then the panic ​selling level 
​on August 24 at 182.40. ​( See Charts Below - Red Trendline )

​​We did on September 29 a technical test of the Daily Low of August 25 (186.93 ) and rebouded violently.
It was a double bottom​ and the market rallied and for the first time since August 24, and it did finally on a  stronger volume.

​​On October 2, SPY ETF did close above the 20 DMA zone ( Day Moving Average - then at 194.62 )
​ ( See First Chart Below - Yellow line )​. 
​On October 8, SPY ETF did close above the 50 DMA zone ( Day Moving Average - then at 199.84 ), another strong technical behavior. ( See First Chart Below - Red line )​.

On October 16, we did finally closed above the high of September 17;  we had that day a Shooting Star Pattern on SPY ETF that bring a Short Term Reversal in Trend. That was quite a statement from Mr Market.

​​​​​But the most interesting technical factors is that we are back near a strong Resistance Zone: (Ellipse-Charts Below)
1) ​​Old Support Trendline from a Rising Wedge (from December 16 2014) that we broke on August 21. ​
​( See Charts Below - Red Trendline )

2) ​​Old Support Trendline (from March 26 2015) that we broke on August 20. 
​( See Charts Below - Bottom Blue Trendline ) 
​​3) Resistance from an Uptrend Channel that started on October 5
​( See Charts Below - Small Uptrend Channel ) 
​​4) ​​Old Resistance Trendline froma Downtrend Channel  (from July 20 2015) 
​( See Charts Below - Middle Blue Trendline ) 
​​5) ​​200 DMA ( Day Moving Average ) now at 206.04
 ( See First Chart Below - Green line )​.

If Mr Market is able to go through all those resistances, then we may have another quite Bullish Upwave​​ and reach the High made on July 20 2015 at 213.18.






SPY Technicals:  Big Picture ?   $SPY    #Trading #Emini  #investing  #SP500


SPY ETF ( Daily Candles )
Volume ( Bottom Panel  - Blue Area )​​






Financialiceberg.com


SPY ETF ( Daily Candles )

Volume ( Bottom Panel  - Blue Area )​​


Financialiceberg.com