SPY Technical Analysis 15/10.2018

SPY has gone through a tough few days over the last 1.5 weeks. Hope everyone has been able to remain safe during this time. I've been relatively safe but made afew mistakes with certain stocks which now leaves me in the red a little but nothing too serious at the moment.

One thing that I have learnt over the past few months of trading is to be emotionally detached from the P&L. Big spikes are times when you cannot sell if you were caught out. Wait for the bounce, you have already survived so much pain, it doesnt hurt to hold out for the bounce now. Obviously, if u had stuck to a stop it would have been better, but this is not too bad either.

SPY corrected down towards 270.36 at its bottom. On 12 Oct hrly, there is a dragonfly doji. Someone or some people capitulated which might signal the bottom of this bounce is in. The following day's continuation up kind of confirmed it for the short term. We however have to remain cautious with Long positions in this market as the bounce is not significant enough to rule out the possibility of a bear flag yet. 15/10/2018 market open will give a clearer picture. I am leaning bullish for the Short term with Volume climaxes normally marking the tops and bottoms. We have that. Bullish divergence on RSI also is present on the hrly and the hourly trend change has started marking the daily lows. 

Im looking for a lower high vs  288.87. If we hold the hrly Higher low pattern and break resistance first thing monday, the bounce continuation should give some nice profits to the upside.

Most of the major names should follow the SPY. Am looking for bullish entries fishing of hrly supports and probably holding for abit longer than normal for follow through.

Hope this helps!