The SPY is showing signs of a bottom on longer-term support but the shorter term wedge resistance is holding up. Is this just a dead cat bounce or a strong W formation in the works?
This was simply a review of what the chart had done yesterday. We are a charting platform for traders, not a trade ideas platform. Also, the chart mentioned a MACD cross, which is bullish.
A perfect test of the wedge resistance today. These trendlines are all automatically generated with the option to change the system preferences as well to see different lines. In this case, these settings catch wedges often.
The MACD recently crossed on SPY with more downside possible shown by the automatically generated trendlines below. Is this the start of the next leg down or a MACD fakeout? Lets hear your thoughts!
Verizon has not been phased by the market correction over the last 7 weeks. However, the daily candle is starting to show signs that it be may coming to the party late. Watching the SMA (20) and EMA (50) as support below.
Megaphone price channel here with the price nearing support below. TSLA has held pretty remarkably considering where it was a few months back. The MACD recently crossed after gapping down right through the EMA and SMA.