Friday, May 20, 2016 4:10:08 PM
SPY DAILY BY ART HILL
Using %B to Identify Oversold Conditions
The first chart shows SPY firming with a spinning top candlestick near first support in the 204 area. The short-term trend is down right now with a Raff Regression Channel defining this downtrend. While a break below 204 would be "negative", it would just be a continuation of the short-term downtrend. I view the 200-204 area as a support zone and would be on guard for a reversal in this zone.
Using %B to Identify Oversold Conditions
The first chart shows SPY firming with a spinning top candlestick near first support in the 204 area. The short-term trend is down right now with a Raff Regression Channel defining this downtrend. While a break below 204 would be "negative", it would just be a continuation of the short-term downtrend. I view the 200-204 area as a support zone and would be on guard for a reversal in this zone.
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