MELI has been moving within a well-defined ascending channel since 2022. Following a strong recent rally, it has once again reached the upper boundary of this channel. As seen on multiple occasions, I anticipate a short-term pullback from this level.
Unbelievable. Apple has rebounded (for better or for worse) at the 150-155 area so many times that it is getting annoying. Talk about no knowing which direction to go.
As shown, SPY has broken below several important support levels.
This includes (i) the downward sloping yellow trendline that acted as strong resistance throughout 2022, (ii) the white 200-day moving average, and (iii) the blue 390 level that acted as strong support/resistance throughout 2022.
Such a big breakdown bodes ill for the SPY in the weeks to come....
