SPY - The sooner the pullback happens, the better
$SPDR S&P 500 ETF Trust(SPY)$ : The weekly candle set a cross, which as highlighted is a warning sign, during the last two years it has anticipated pullbacks or corrections.
The red arrow indicates an immediate -9% correction at the beginning of 2023, the orange one that follows anticipated a -3% pullback, and the yellow one in March 2024 was an early sign of a -6% pullback. Similar cases follow for May 2024 with a mild -3% intra-week pullback (hence the orange instead of a red arrow), and the yellow one for the end of June 2024 anticipating a -6% decline that came weeks after.
When the rate of change has presented a divergence with price action, the warning signals have more relevance.
If $651 is lost this week, a pullback may be triggered, Monday may bring a green day, if that’s the case $667 would be a potential rejection zone.
The sooner the pullback happens, the better.
$Invesco QQQ(QQQ)$ $iShares Russell 2000 ETF(IWM)$ $Dow Jones(.DJI)$ $Cboe Volatility Index(VIX)$
A chart of the SPY index on a weekly timeframe. The chart displays candlestick patterns with moving averages labeled as 5 MA, 10 MA, and 20 MA in different colors. Red, orange, and yellow arrows point to specific points on the chart, indicating past corrections or pullbacks. A volume histogram is visible below the price chart, and an RSI indicator with divergence is shown at the bottom. The watermark "SF" is present.
For whom haven't open CBA can know more from below:
🏦 Open a CBA today and enjoy privileges of up to SGD 20,000 in trading limit with 0 commission. Trade SG, HK, US stocks as well as ETFs unlimitedly!
Find out more here：
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
