SPY: Update As We Near ATH
The S&P 500 has recently seen a very strong bull run, as fears of a recession are continuously being alleviated. The most recent fed speech put the buyers in a frenzy, pushing the index up 15% in just weeks. At the time of writing, we are less than a percentage point from the all time high.
I believe we are in oversold territory, in agreement with RSI. I would like to see a brief correction to the previous support at the $460 level, blowing off some steam before we see higher prices. For this reason I am currently bearish. Regardless, I am expecting the index to blow past the previous ATH within a matter of weeks, which will ignite an entirely new bull run.
I believe we are in oversold territory, in agreement with RSI. I would like to see a brief correction to the previous support at the $460 level, blowing off some steam before we see higher prices. For this reason I am currently bearish. Regardless, I am expecting the index to blow past the previous ATH within a matter of weeks, which will ignite an entirely new bull run.
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.