SPY is very near a short-term top but it looks like there is still some room to run. The current level of my indicator is 66.77 from recent Brexit low of 5.98. Generally, I'm not seeing significant profit taking until the low to mid 70s but there could be some shallow dips before it hits that level. I'm tagging $223 as a short-term =, short-lived "buy the dip" profit taking target but $229 as the stronger, longer retracement where the Bears can really build a position.My methodology combines NYSE breadth, dollar strength, VIX, gold, 13-day RSI, TLT bond prices, sector rotation and SPY volume into a two standard deviation index and adjusts the value based on DXY. It will somewhat track RSI but it can go negative and over 100 if need be.
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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.