Saturday, June 16, 2018 8:55:57 PM
Thought I would post something that I thought was interesting on the monthly SPY chart.
Just looking at price action with swing highs and lows, the RED lines indicate that price came within plus or minus $1.52 of a previous swing high/low. If it did not go more than $1.52 above the previous swing high, it made another move downward.
The GREEN lines indicate where the price moved more than $1.52 of the previous swing high/low and then price continued in that same direction.
$286.63 was the last swing high. So if history repeats itself, it looks like this should come close to 285.11 and up to 288.15.
If it breaks 288.15 we could see more upside, if not it looks like we could possibly see another move down. Might only be a double bottom type move.
Right now a double top on the SPY looks like it will have a negative divergence with the RSI.
It is hard to chart on investing.com since the R/S on longer time frames, but on Etrade daily for TVIX there is a slight positve divergence over the last 3-4 weeks forming on the MFI indicator and the RSI is holding steady as price drops. The 20 MA daily chart is around $50 price generally likes to test that on quick pops if the market has one quick pullback after reaching a double top.
But the monthly chart for TVIX has all the indicators I look at pointing down as if the long term is going to be down. Go figure.
Gonna see how the market reacts to the last swing high with the prices I mentioned above.
Would like to see the .886 or .786 hold support
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM
Moon Equity Holdings, Corp. Announces Acquisition of Wikolo, Inc. • MONI • May 7, 2024 9:48 AM