SPY: PULLBACK? CORRECTION? CRASH?
Greetings everyone,
(Key Takeaways) - (MONTHLY TIMEFRAME)
This
SPY chart dating back to the date it was listed on the market back in 1993 gives us a wider point of view of the market.
Overall the sentiment is still bullish-long. However, the next couple of months can be bloodbaths.
Easy to say we are a bit over-extended? The smallest white trendline (2017-NOW) is showing signs of weakness.
Possible downward move towards $416.00 in the next couple of weeks.
The longer white trendline shows a possible 100 point loss down to $340.00.
Keep in mind we are entering earnings season so the risk is very high.
(My sentiment)
Bearish - Short term
Bullish - Long term
(Key Takeaways) - (MONTHLY TIMEFRAME)
This
SPY chart dating back to the date it was listed on the market back in 1993 gives us a wider point of view of the market.Overall the sentiment is still bullish-long. However, the next couple of months can be bloodbaths.
Easy to say we are a bit over-extended? The smallest white trendline (2017-NOW) is showing signs of weakness.
Possible downward move towards $416.00 in the next couple of weeks.
The longer white trendline shows a possible 100 point loss down to $340.00.
Keep in mind we are entering earnings season so the risk is very high.
(My sentiment)
Bearish - Short term
Bullish - Long term
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