User: Violet: Indices: slopechart_SPY.jpg

slopechart_SPY.jpg

SPY breakout from a bearish falling wedge. 
This bounce comes after an archipelago, or island reversal. 
Bulkowski says that tall islands perform better than short ones. His performance rate for island tops is 31 out of 36 where 1 is best. 
Red dotted line is the bottom of the Ichimoku Cloud which may provide resistance close to 397. Resistance also from the descending trendline off the August high.

Image added via SlopeCharts
slopechart_SPY.jpg

Comments

VioletViolet
SPY weekly.  
 
9/19/22
VioletViolet
GEEz... 
Bullish falling wedge. 9/19/22
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