It felt back into its last year bear channel.
Most likely It will try to break out of it on Monday, if this was to happen it needs to break 386, target would be around 399
If its rejected (I give it big probability) it will fall to 376, where we have some good support.
SPY is oversold on 1-4h
VIX is overbought.
All in all I hear a lot of traders looking at this drop as a opportunity to buy the dip, I am not sure, this may be a reversal from the bull run we had during January.
Walls are cracking, I see selling is accelerating.
Banks are main driver of this fallout, and if history repeats, thats where crushes start.
Good luck
Most likely It will try to break out of it on Monday, if this was to happen it needs to break 386, target would be around 399
If its rejected (I give it big probability) it will fall to 376, where we have some good support.
SPY is oversold on 1-4h
VIX is overbought.
All in all I hear a lot of traders looking at this drop as a opportunity to buy the dip, I am not sure, this may be a reversal from the bull run we had during January.
Walls are cracking, I see selling is accelerating.
Banks are main driver of this fallout, and if history repeats, thats where crushes start.
Good luck
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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.