Spy... Where we standWeekly chart...
White line represents Primary trend since 08 housing crisis crash
Blue channel represents price action from 2017 -2025
Now pay attention..
You see the yellow trendlines ? Those represent the up trend from covid crash and 2022 crash.
Those were micro uptrends both lasting 2yrs in length..
So now the market has hit a reset switch and I believe we are headed back to the blue trendlines bottom
Like so -
I think over the next week or so if spy recovers 567 then we will have one more squeeze to 585 before the next leg down
My target by the End of Q2 is 490-500.. basically we are back into 2022 price action
Once we hit channel support I expect An accumulation and consolidation before a new multi yr rally to 700
I know this sell off seems random and tariffs related but it's not! Markets top back in Nov/Dec same as 2022.
To show you what I mean by that just look at the other Indexes and tell me is it a coincidence they all hit their decade long resistance at the same time?
Dow Jones target 38,000
NYA/NYSE (More important then spy)
NASDAQ /Ixic
Notice how NASDAQ , Dow, NYA and Spy all hit resistance at the same time? No Trump tariff , No inflation fears, No interest BS just good ol channel trade.. I know perma bulls want up forever but I suggest waiting for Spy 490-510 for the REAL dip buy..
You're going to see a bunch of charts focusing on the weekly hammer printing this week but I'd like to point out that in 2022 we also had week hammers print
I do think Spy can bounce as high as 585 if it can get over 567 next week..