$SPY TOP 20
Added 2023-03-19 20:54:40 +0000 UTCUnder the 50 Day, 200 Day MA and back into downward channel after a very volatile week with a number of rug pulls. It is almost impossible for me to be open to any prospects of this being a bullish trend because nothing is showing that this is bullish, RSI and MACD back up this again too.
We have spoke about some MEGA Cap stocks holding up well and this is being observed, however, the likely outcome for those is sideways movement, not significantly bullish and could very easily turn bearish as a number of them are on a knife edge and will be heavily influenced by the macro environment.
So big day on Monday as the market digests the information that $UBS has low balled $CS with a $1 Billion offer to buy it, marking it down by a whopping -87%, I doubt the market would find this healthy.
Tuesday we are watching for Home sale figures to be released in the US and on Wednesday its a big one, the FED will make their latest interest-rate decision and on Thursday the Labor department reports the unemployment figures, needless to say, another significant week ahead and expect more volatility.
I will continue to upload a $SPY chart every day.
