SPY to $650 in January?
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SPY recently retraced to the bottom of our Magic Linear Regression Channel [MW] with a large 3%+ move. Today, there was a nice bounce bounce from the channel bottom, back up to yesterday's open. So, what's next for SPY. The Magic Linear Regression Channel [MW] shows upside potential to it's baseline back at its recent all-time highs, and the potential for a higher move to the $630-$650 range. However, there is also the potential for it to fall back through the channel. Since we've been in a bull market for awhile now, that channel break would have to happen more definitively in order for that to be a likely scenario.
We've recently introduced the Magic Candles PRO [MW] indicator, which shows high volume candles that have very little price movement. When paired with the Magic Linear Regression Channel [MW] on a 1 day chart, it tends to show reversals at key levels on the Magic Linear Regression Channel. However, because we had a large move down on Weds, Dec. 17th 2024, and a large move up on Friday, Dec. 20th 2024 and ended up at the open of Thurs., Dec. 18th 2024, we get a doji on the 2 day chart that shows a massive "volume hammer" signal not seen since 2019, 5 years ago.
This signals that we are on the verge of a large sustained move. Again, because we've been in a bull market, and there aren't any very strong signs that it is over, we suspect that the large sustained move will be to the upside, because of the signal. If the price breaks down out of the channel, then we'll be in for a nice downward ride. Until that happens, though, we're bullish as we approach the all-time high again, and all the way to the $630-$650 range.
We've recently introduced the Magic Candles PRO [MW] indicator, which shows high volume candles that have very little price movement. When paired with the Magic Linear Regression Channel [MW] on a 1 day chart, it tends to show reversals at key levels on the Magic Linear Regression Channel. However, because we had a large move down on Weds, Dec. 17th 2024, and a large move up on Friday, Dec. 20th 2024 and ended up at the open of Thurs., Dec. 18th 2024, we get a doji on the 2 day chart that shows a massive "volume hammer" signal not seen since 2019, 5 years ago.
This signals that we are on the verge of a large sustained move. Again, because we've been in a bull market, and there aren't any very strong signs that it is over, we suspect that the large sustained move will be to the upside, because of the signal. If the price breaks down out of the channel, then we'll be in for a nice downward ride. Until that happens, though, we're bullish as we approach the all-time high again, and all the way to the $630-$650 range.
Zlecenie zamknięto ręcznie
Bad stuff going on. On Tuesday, 12/31/2024, SPY opened and closed below the Magic Linear Regression Channel [MW], which nullifies the price projection. But there's more. There is a very obvious head and shoulders pattern with a neckline that is now below the channel, indicating a fall in price that is equal to the distance between the neckline and the top of the "head" in the pattern.
But there's still more. Both DJT (Dow Jones Industrial Transportation Index) AND XHB (SPDR Homebuilders ETF) have both nose-dived in December, and both tend to predict future actions in the greater market.
For these reasons, I'm out.
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