Long SPY
The Media is always talking about the federal reserve to create FUD. Nevertheless, it was inevitable for the SPY to fall when it has been extending for so long. We are seeing a correction, and, in my perspective, I am still bullish for the SPY. Some say they see a head and shoulders pattern at the top, or the formation of one. However, the line that I freehandedly drew is the line that best fits the points on the graph--Linear regression. It is likely that we will see volume increase around this area. It is not necessarily a "key area" but rather the mean of the slope. Perhaps the FED will raise interest rates, perhaps they will not. Stay adaptable and stay safe
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.