MTUM - Momentum ETF - Confirms SPY Slowdown Coming
If MTUM is a momentum based indicator ETF, and is related to SPY, then the following patterns would confirm SP500 bearish correction is coming.
MTUM is the iShares ETF "Exposure to large- and mid-cap U.S. stocks exhibiting relatively higher price momentum" www.ishares.com/us/p...-momentum-factor-etf
In the pattern we see THERE IS NO MOMENTUM
MTUM pattern has megaphone top.
Tilted up expanding pattern. Price stalls and falls out at pink line.
In addition we have a possible Triple Top formation.
Multiple highs of the day on 5 candles hit $123 range, multiple days within pennies.
We have topped out RSI, Fisher Transform almost topped out, all time high price, and gaps to fill below.
For the reasons above, I feel this is a bearish pattern with bearish indicators in overbought territory.
I do not have any active position in MTUM.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, VIXY.
Short SPY and AAPL.
MTUM is the iShares ETF "Exposure to large- and mid-cap U.S. stocks exhibiting relatively higher price momentum" www.ishares.com/us/p...-momentum-factor-etf
In the pattern we see THERE IS NO MOMENTUM
MTUM pattern has megaphone top.
Tilted up expanding pattern. Price stalls and falls out at pink line.
In addition we have a possible Triple Top formation.
Multiple highs of the day on 5 candles hit $123 range, multiple days within pennies.
We have topped out RSI, Fisher Transform almost topped out, all time high price, and gaps to fill below.
For the reasons above, I feel this is a bearish pattern with bearish indicators in overbought territory.
I do not have any active position in MTUM.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, VIXY.
Short SPY and AAPL.