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Market Update - August 16 2022

August 16, 2022

SPY grinding up higher 🔼 BTC grinding down 🔽

SPY is under weekly 50MA, the daily RSI is over 70, the hourly still making HHs but we might be loosing steam, so we look for a HH with no follow through (Megaphone pattern), or a break of an hourly pivot and a big enough hourly pull back tp look for a LL, but at the moment the bulls are in full control.

BTC might be setting up a H&S pattern on the daily out of the wedge, but so far the daily MAs is still holding, if we start loosing daily MA support we will look for that setup.

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