Sep. 11 at 4:31 PM
$SPY >> Daily Chart >>
after 4 days down, hitting the 50 sma, and forming a doji candle there was a huge bounce today
now hitting the middle Bollinger band at 766.93 / needs to break and turn into support to head higher
look at Aug. 26th / very similar setup / also similar to the setup on the 2nd / they keep doing this after pullbacks
after a pullback
$SPY bounces into the EMAs 4,8,13 zone while below the middle Bollinger Band / it looks like the bounce has started, but not confirmed with the middle BB/20 SMA still resistance
the following trading day the bounce continues and there's a move above the middle BB
the last 2 times the close above the middle BB got call buyers and long traders to pile in thinking that was the bull signal only to get rug pulled immediately then the multi day pullback completely destroys their long positions and thesis
wash.......rinse......repeat........
ao here we are again / same setup / will this play out the same way???
$SPX $ES_F $VIX $VXX