SPY 5. Flattening out. Very calm. Small bars. No spikes. Under the EMA 20. Forming a base. And now, staring to push up a bit, waking up, ready for some action.
Charts posted are not recommendations. They are just a sharing of information.
Today the volume profile kind of help in the way that, with earlier sell off the value area never dropped lower, giving bulls a hope of trading back up inside the value area with a single (LVN 4152.5) right at its middle. the sell off were strong created acceptance value around 4120 also and resistance at 4130. so.....that's what she wrote so far.
Trend following rip will be sold @ 5 min. RSI >70. same playbook.
Trade well, Peace!
My comments are for entertainment/educational purpose only. NOT a trade advice.
The last few corrections were ROUGHLY (rounded up) -4%, -5% and -6%
So let’s project -6% down and that hits at about 3940
At the very least we have a magnet gap (two grey dashed lines) at 4024-4032 that needs to be filled
We pulled back in January, February and March…. why not now?
Daily
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
BofA only expects a 10% correction
“A correction back to 3800 would only revert prices to mid-2020. Over the last 5-years, corrections have ranged from roughly -10% to -33%. Notably, these corrections usually have reverted the index either to the 200-dma or beyond.
Given the magnitude of the market’s current deviation from the 200-dma, a correction will likely surpass 3800. A retest of the 200-dma seems most probable.
[caveat: BofA is not known for their precient analysis, like for example MS’s Wilson is]
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
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