SPY 410 Target Now Confirmed
Traders,
A couple of weeks ago you'll remember I expected a bounce off of our 200 day SMA which coincides with the bottom of my channel, making a strong area of confluence and support. But I wasn't sure if that was the end of our drop? Turns out, after testing the underside of our neckline for a patent classic retest, we have now broken below the 200 day SMA and channel. Tomorrow will provide confirmation. As of now, I will say that our $410 target down is certainly in play. And look how it coincides with the RSI! We should hit 410 right about the time the RSI is also finding its support on our long-trending touch and go.
Best,
Stew
A couple of weeks ago you'll remember I expected a bounce off of our 200 day SMA which coincides with the bottom of my channel, making a strong area of confluence and support. But I wasn't sure if that was the end of our drop? Turns out, after testing the underside of our neckline for a patent classic retest, we have now broken below the 200 day SMA and channel. Tomorrow will provide confirmation. As of now, I will say that our $410 target down is certainly in play. And look how it coincides with the RSI! We should hit 410 right about the time the RSI is also finding its support on our long-trending touch and go.
Best,
Stew
Stewdamus Trades -
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Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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