Spy - Path to 666Hello Traders,
At 2008 bottom the market hit 666 on the SPX. So now I am thinking 6666 on the SPX and 666 on SPY is like a magnet. Well I used the Fractal from end of last year and using fibs to make sure the levels were a match and guess what..It ends close to 666 in April this year. I have other things pointing me to April as a "top". So anyways lets see how this plays out.. According to the fractal we will go up till Wednesday (MAG Earnings and Fed Decision) then have a small drop before continuing higher.
Is 666 the final top? Well one one hand it would make sense as we are getting long in the tooth and for some reason they love that number. On the other hand I have cycles that are pointing to one more cycle later this year into summer.
But I would say if we do head up to that number I would be cautious around there and put more into cash incase we get a decent pullback so you can buy things when they get cheaper.
I was one of the few calling for more up when everyone was seeing a Head and Shoulder and saying we topped in December. I knew we had a least one more bull cycle if not two. Here we are at ATH again .. lets see how this plays out.
