S&P 500 SPY Ascending Wedge (Bearish)


Ticker: SPDR S&P 500 ETF Trust (NYSE: SPY)

S&P 500 continues to push higher on low volume since March 23rd, 2020. The stock is trading in a tight range forming a daily bearish ascending triangle. The day finished with another bearish sign of double top.

As you can see the volume is decreasing significantly along with the ascending wedge confirming there may be a quick flush/dump in the near future. Perhaps when the tech giants fail to beat analysts estimates.

MACD, red and blue lines are starting to tighten for the first time since the bounce and they are starting to look exhausted (topping off).

Daily RSI currently sitting around 57, which gives plenty room for movement whichever it may move.

The bottom indicator in the above image is Stoch, Since the bounce it continued rising and have been in the overbought zone since April 6th with an exception of a couple days recently.

Overall S&P 500 is flashing a few hints at a near term bearish movement, of course this course could change rapidly with any news.

As of right now S&P 500 future is trading at -0.37%.

Hourly Timeframe


Hourly SPY chart looks a little extended with the RSI sitting at 67, just about reaching the overbought territory. Stoch is way overbought for a few hours sitting near 90 at the moment.

Earnings Schedule

  • April 28: Google
  • April 29: Facebook, Tesla, Boeing, Microsoft
  • April 30: Amazon, Apple

The Fed Meeting

April 29, 2020 Wednesday

Rising Wedge

Wedge Definition

SPY Stock Data as of April 27

  • Prev. Close: 282.97
  • Day’s Range: 284.62 – 288.27
  • ROI (TTM): – 0.46%
  • Open: 285.1252 wk
  • Range: 218.26 – 339.08
  • Dividends (TTM): 4.03
  • Volume: 77,896,608
  • Market Cap: 262.15B
  • Dividend Yield: 2.05%
  • Average Vol. (3m): 170,163,846
  • Total Assets: 167.65B
  • Beta: 1
  • 1-Year Change: – 2.17%
  • Shares Outstanding: 920,382,116
  • Asset Class: Equity

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