Can SPY look to retrace back to 420s
A lot of indicators are dictating that we are overbought and it is starting to look like a double top is forming. This could result in a retest of the 420s perhaps hitting the trendline that I have drawn in yellow.
Of course if we can break above the two highs that we have painted than we can be more bullish; however, if we continue the drop and drop below our previous low of 430 then look for that 420.
This is looking like a possible Big M distribution. Retail is buying and FOMOing in and a rate hike is around the corner.
Just some thoughts/tea leaf observing. Good luck.
Of course if we can break above the two highs that we have painted than we can be more bullish; however, if we continue the drop and drop below our previous low of 430 then look for that 420.
This is looking like a possible Big M distribution. Retail is buying and FOMOing in and a rate hike is around the corner.
Just some thoughts/tea leaf observing. Good luck.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.