Tagging upper boundary here near 608-610...
Smaller time frame and you'll see the rising wedge here spy has been trading inside last week. The wedge narrowness is responsible for the chop melt up...
I'm expecting a break down either
tomorrow on Job numbers or Monday
Take in the overbought conditions and I spy should pullback to close gap at 598 minimum but keep in mind of 603 gap first.
Stop losses over 610
This melt up this early was weird. Usually Christmas rally happens 3rd or 4th week of Dec.
Bigger picture is this
We are in a wedge on spy but I'm starting to wonder do they drag price out inside this range for the rest of the year?
Smaller time frame and you'll see the rising wedge here spy has been trading inside last week. The wedge narrowness is responsible for the chop melt up...
I'm expecting a break down either
tomorrow on Job numbers or Monday
Take in the overbought conditions and I spy should pullback to close gap at 598 minimum but keep in mind of 603 gap first.
Stop losses over 610
This melt up this early was weird. Usually Christmas rally happens 3rd or 4th week of Dec.
Bigger picture is this
We are in a wedge on spy but I'm starting to wonder do they drag price out inside this range for the rest of the year?
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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.