$SPY TOP 20
Added 2023-04-09 20:32:29 +0000 UTCI have been updating this every day and watching how this Head and Shoulders pattern has been developing, it rejected right where we expected but has only pulled back a slight bit so far, big week this week with CPI, PPI and banks earnings, so it is likely waiting to hear what the outcome of these will be.
For now, it is still on the outside of the ascending wedge and below the blue trend lines which have been historical resistance lines.
There are a number of hurdles in the way for bulls to turn this bullish and likewise, the bears will need to build on their momentum this week to bring this down further.
50 Day MA just below at 401, this will likely be tested during the week and possible the 200 Day MA below it too. RSI is showing that it has topped out and MACD is showing a slight downtrend.
Comments
Hmmm...Here is a question. Perhaps it doesn't need an answer... Just something to think about. Doesn't the NASDAQ usually lead the SPX out of a recession? I believe it did so in 08 and 00. You have SPY bottom in Sept while QQQ bottom in Nov. Perhaps we have another wave down on the SPY after this? Your longer term main SPY chart has two scenarios for a bottom. "Likely" vs "08/09" Maybe this is early warning we fall into that deeper one.
Oba
2023-04-10 10:12:35 +0000 UTC
