Can SPY look to retrace back to 420s
A lot of indicators are dictating that we are overbought and it is starting to look like a double top is forming. This could result in a retest of the 420s perhaps hitting the trendline that I have drawn in yellow.
Of course if we can break above the two highs that we have painted than we can be more bullish; however, if we continue the drop and drop below our previous low of 430 then look for that 420.
This is looking like a possible Big M distribution. Retail is buying and FOMOing in and a rate hike is around the corner.
Just some thoughts/tea leaf observing. Good luck.
Of course if we can break above the two highs that we have painted than we can be more bullish; however, if we continue the drop and drop below our previous low of 430 then look for that 420.
This is looking like a possible Big M distribution. Retail is buying and FOMOing in and a rate hike is around the corner.
Just some thoughts/tea leaf observing. Good luck.
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