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Technical Analysis of $SPY for 8/14/18

Discussion in 'Trade Journals' started by C_Sp8sTrade, Aug 14, 2018.

  1. C_Sp8sTrade

    C_Sp8sTrade New Member

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    The link above is to my Youtube channel where I give daily insights of the $SPY, which if you do not know follows the S&P 500. Please check it out and let me know what your thoughts are on where it may be going. Thanks
     
    Jrich likes this.
  2. Onepoint272

    Onepoint272 Well-Known Member

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    On the hourly chart of the S&P E-minis, Fryday's selloff had the highest cumulative volume in several months (yellow box). I think it is likely therefore that this latest trading range is a correction of that down move and not the start of a new up-move (supply is in the background) with near-term support being found in the 2820.50-area. If however, the market can rally above 2853 (where the markdown began) then the bullish picture will be improved.

    S&P E-mini 60-minute sticks:
    upload_2018-8-14_23-41-32.png
     

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