SPY broader markets are long in the tooth and could get a jolt going into seasonality summer doldrums. However this monthly chart is also painting a probable brew. Cup of hot Chai!
Regaardless we stay with the trend until it ends!
Note
SPY - Still no sign of volume that is needed for some retrace or reversal. Side ways consildation continues. However we have a big red candle on last thursday, 07/27/2023 that makes a bearish inside bar pattern on Daily. Will have to wait for this market to tell us more in fews days to come.
If we surpass and confirm above the inside bar, the rally could sustain. Otherwise we go into some correction mode, expected $444 and next $420 that kicks in a massive Cup n Handle on Monthly chart!!! So which suitation will surface? Time will tell!
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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.