$SPY correction incoming? Back below $550
SPY is putting in a short term top here. All of the signs are there if you know what to look at. For example,
TLT up 2% today. SPY sold off throughout the day. Crypto selling off. Volatility starting to react at the bottom of the range. Dollar continuing to rise. The chart also is failing at resistance.
I could see one more attempt at a move higher, and if we fail at $602 or lower and fall back below $597, it'll be extremely bearish and the confidence in this move playing out strengthens.
I think we'll see $527-531 over the next couple of weeks. Playing the move through
UVXY calls.
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