SPY expecting continuation upwards
Personally I am looking for a key level break above $410 this week with the next leg to $420. I could see healthy pull back to $401 before bouncing to $410. But do not expect us to get below $400 again at this point (of course anything can happen based on news and world events) If you are looking at SPY from a 1HR time frame it looks like we have just executed a double bottom with either continuation up or a retracement back to execute a Cup + Handle move up. My comments on why I think we could see healthy pull back is based on the RSI reaching that overbought zone. But bullish for the most part in the coming weeks.
Reflective note - Between June and July I was thinking it was going to bear flag downwards but it broke up and out of that with a double bottom Cup + handle.
Reflective note - Between June and July I was thinking it was going to bear flag downwards but it broke up and out of that with a double bottom Cup + handle.
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