Upside Gone?

At the last earnings release, Spotify had its worst day in two years, link here.

The reaction was immediate, price action down hard.

Close inspection shows, on a daily basis and also weekly, the amount of downside thrust energy (Elder’s Force Index), was the highest, ever.

In short, downside force was massive.

Spotify, SPOT, Daily

The weekly chart has a similar look, largest weekly downside energy, ever.

Attempted Recovery … Not

After the hit on July 29th, price action spent the next two-weeks attempting to recover … which at this point, looks to have failed.

Short SPOT, as SPOT-25-01, with stop near today’s session high (not advice, not a recommendation).

Stay Tuned

Charts by StockCharts

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.

The Danger Point®, trade mark: No. 6,505,279