SPY perspectives - two scenarios
We are moving into a more and more tight price action as we are in the end of the wedge now and with the rise of volumes we see some heighten activity in trading.
RSI and MACD divergence are still showing divergence with the price and RSI is almost below 50. MACD has a bearish crossing and the histogram is going negative.
Two possible scenarios are forming now. We have a bullish one that is currently forming as we've jumped from the internal support around 373 price zone.
Failing to continue the movement back inside the uptrend we may see a fall below 373 and move towards the first support zone at 360.
RSI and MACD divergence are still showing divergence with the price and RSI is almost below 50. MACD has a bearish crossing and the histogram is going negative.
Two possible scenarios are forming now. We have a bullish one that is currently forming as we've jumped from the internal support around 373 price zone.
Failing to continue the movement back inside the uptrend we may see a fall below 373 and move towards the first support zone at 360.
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