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Rising_wedge

SPY- Bearish- UpdateJust posting another update here on the SPY- Bearish megaphone is playing out as expected but also a very big week for the markets fundamentally speaking. Fundamental Rationale A lot of big economic events this week including retail sales, the Fed's final decision regarding monetary policy, FOMC press conferences on both Tuesday and Wednesday, and to top it all off, quadruple witching on Friday 12/17' to close out the week. Fundamentals aside, the SPY is still looking quite bearish- Some FIB levels and RSI-based supply and demand zones to keep an eye on on the meantime, bearish and hedged- (Previous Charts Attached Below) - Still holding a big rising wedge (Bearish) - Bearish cypher formed on the hourly timeframe along with a gap fill on the downside (See Attached Chart Below) - RSI is nearing, or in overbought territory on almost every timeframe - Bearish Hidden Divergence on the SPY Daily, Weekly, 4-Hour, and Hourly Timeframes - The SPY rejected a critical RSI-Based Supply Level on the weekly timeframe & is sitting on the 20-day SMA (See Attached Chart Below) -Weekly- -Hourly- -Previously Charted-
AMEX:SPYShort
by jacobosiason7
5
SPY- Potential reversal & key levels to watchThe SPY closed on Friday finally breaking below the channel that it's been holding for quite some time now, and closed sitting on the 50-day SMA. Every time we've previously touched the top channel line, the SPY has fallen to the bottom channel line and bounced right off (see charts below). However, there is a very clear shift in seller volume starting to outweigh buyers, and RSI taking a steep drop EOD on Friday after hovering in overbought territory for quite some time as well. Just some FIB levels and RSI-based supply and demand zones to keep an eye on- personally bearish here as the markets have been way overextended for a long time now in my opinion. Trade safe, and look for potential long-term entries on fundamentally sound stocks.
AMEX:SPYShort
by jacobosiason7
Update- see previous chartsTSLA is forming quite a large rising wedge (Bearish) on its yearly chart after breaking out of the symmetrical triangle (see previous chart), which was preceded by TSLA breaking below the bear flag above. While TSLA did close on Friday sitting right on its 50-day EMA there is also a Bearish Gartley harmonic on the 4-hour timeframe (not pictured). Definitely will be keeping a close eye on TSLA in the coming weeks for potential long-term entries- just an updated chart with some support and resistance levels along with some RSI-based supply and demand zones to keep an eye on ----------- TSLA closed on Friday sitting right on its 200-day SMA. It previously broke below the bear flag to test a long-term uptrend line, while simultaneously forming what appears to be another bear flag / rising wedge ( bearish ) going into earnings on 7/26'. If this long-term uptrend line is broken, TSLA could see sub $600 especially if the broader markets continue pulling back. Will be keeping a close eye on TSLA here for potential long entries.
NASDAQ:TSLALong
by jacobosiason7