The market (SPY), Yesterday October 2nd the sellers were able to bring the SPY down through significant support closing below our Dotted Duece (200FWL). The 200-FWL is where the SPY found support (buyers) rallied back in August 6.6% to challenge the July top. If tomorrow's unemployment numbers are reasonable, we could see money flowing again in the marker. As for yesterday's candle, we may see an oversold bounce, but ultimately the 200-SMA on the daily chart is the next target which will be the August lows. More weakness from the 200-SMA the sellers would have their eyes on the January lows or about $273.50
T-Line and T-Line Channels, The weekly chart price action has now brokedown through all the of the bullish trending T-Line Bands, more weakness below the Bands would require a more powerful reversal signal/pattern to be an essential reason for an optimistic outlook. On a side note, the T2122 chart has the T-Line deep into the oversold area on both the daily and weekly charts. The VXX chart is turning quite bullish after the consolidation on and above the T-Line Bands. Yesterday’s gap woke a ton of traders up! Take a look at you 4-hour chart with the bands…they have reversed to point upward. Be ready for anything.
The bottom line, With the market trending down and getting near the daily 200-SMA, we want to protect our short trades with stops or even taking a few profits. At the same time, we want to start building a bullish watchlist in case the bulls begin to get perky. If you did not catch the recent bearish run be careful not to chase do to ”FOMO” (Fear of missing out), you will get another chance.
Sorry there are no trade ideas today. We wish you a fantastic weekend.
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