I have been looking at longer term Fibonacci based exponential moving average supports/resists in order to know how the market might behave as those price areas are approached intraday.
However now we have several of the moving averages converging, and the price is back to SMA50(white) on the weekly timeframe. If we go lower than 108.80 area, I have to revert to manually determined supports, because as you can see from the following charts, there are no more weekly moving averages (in my fibonacci based system) to gauge supports below this area:
SPY weekly candles on sce platform
SPY weekly candles on ls platform
So at this point if we drop further, you begin basing support on the previous candles themselves using flat trendlines. If we go back up then the EMA ribbon above becomes useful again to gauge intraday resistances.
I can't tell you what it will do in the morning, though I can say that we may see continued oscillation around sma50(white) on the weekly charts for a while yet. OR a straight break below it, but that generally happens more on shorter time scales (ie, I don't expect to see 105 thursday of THIS week...)
We just failed an sma50 bounce with the pop and fade this week, so those bulls are just going to have to try again. That might not be hard since they have the PPT on their side lol
as refresher, EMA numbered using part of Fibonacci sequence: 8 grey 21 blue 34 purple 55 brown 89 yellow 144 orange 233 red with SMA50 = white and SMA200 = pink
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