$SPY SHORT ON LONG TERM TARGETING 260. YTD indicators analysis

Summery Down trend started on 31st July after FED announcement. which make No sense but investors are looking for solid ground (strong support) to confirm long positions for coming months. 260 is Main target which can be very strong support. recent double bottom above 281 is weak which can broken to 277 then 272 .. Analysis: Noticed trading volumes increased near the top and resistance of tops trend (orange color) which is negative signals for coming sessions. RSI dropped more than expected and break down the previous bottom even break down YTD uptrend related to MFI indicators . We can see slow stochastic turned up before touch previous bottom (this means that maybe will have some bounce here from 291-294 or 297 then comes back to the bottom) candlesticks on daily showing bearish signal to be confirmed if closed Monday with long red candle . Weekly candle is bullish to be confirmed by green long candle too .. we can see some indicators showing different signals for upward but i think this is because falling was soo hard. so let see but i recommend to collect short positions for coming weeks and best trade is to wait until market comeback to overbought status (297) then start short positions . Please share it if you like it .. thanks for reading

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