since we didnt immediately continue higher, but stopped just shy of getting above fridays close spx has retraced to the .382 of the bounce.
my idea is simple: if we stay above 4638 its likely to bull flag, and if we dont its likely to revisit 4600 around the .786, or at leats the bottom of low anchored vwap around 4616 or the .618
the key will be sector rotation, and if xlf, spy, and qqq are hitting lows at the same time then a decline is more likely. if some sectors and big stocks are doing well while others suffer a little, then rotation and a bullflag in the index is more likely.
my idea is simple: if we stay above 4638 its likely to bull flag, and if we dont its likely to revisit 4600 around the .786, or at leats the bottom of low anchored vwap around 4616 or the .618
the key will be sector rotation, and if xlf, spy, and qqq are hitting lows at the same time then a decline is more likely. if some sectors and big stocks are doing well while others suffer a little, then rotation and a bullflag in the index is more likely.
Trade closed: target reached
out of long for now
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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.