Market Looks To Breakout Of Descending Channel

14 apr 2022

SPY broke out of its downtrend a month ago which commenced a period of appreciation in price. However, the rise was short-lived and the market has found itself in a downwards consolidation - in the form of a descending channel - once more in the past two weeks. Now, it looks to breakout of the channel and resume the uptrend but faces stern resistance - this is a level that price has thrice rejected in the past two weeks and RSI remains dismally low. Look to enter long if the breakout is successful (if price goes past $450) and short if there is yet another rejections. Either way, we should see some significant movement here.

14 apr 2022

Trade attivo

Significant movement, just as expected, in the form of a big bearish candle. There is still more downside to come - look to hold until we hit some form of support (likely around $436).