Today price in the SPY went back up to the 50 day moving average …will it stop there?
If there is a price rejection at the 50-day moving average more downside moves could follow.
No it will not stop there. It will go above it. I will keep the “when” a secret though
Nobody knows what the market will do next, we can only watch how it reacts to certain levels and then place our “bets” accordingly.
Was the joke over your head or do you seriously think there is a real possibility that SPY will never go above the 50 MA again? Sma x 50.
I never said such a thing.
So did you realize that my first message was a joke? If you did I am just confused why you commented what you commented to me.
Well, sometimes it’s hard to tell if you are serious or only joking.
In any case even the question from the original poster is confusing because it has a double meaning.
Gotcha. Well it was definitely intended as a joke, because it will almost certainly go above the 50 MA eventually. Who knows when.
As of today (September 29, 2020), 2 consecutive (daily) Doji candlesticks have touched the 50 simple MA of the SPY, so at first glance it seems that a price rejection is under way.
In other words and according to the price action we are currently witnessing, the SPY could go down in the next few days, at least in the short term.
So let’s see…
The SPY has now printed a shooting star on the daily chart, today 9/30/2020. This is usually a reversal candlestick pattern.