'Protection!!! PUTS, PUTS, PUTS!!!
It looks like the SPY could form an inside candle with an upper wick retest of former trend line area (see circle), also on QQQ. And that's if we don't go any lower today; but seriously doubt we go higher. You can thank PTON for crushing the market as the news they released was super bearish; shutting down production of there bike and treadmill. As it basically means, 'anybody that wanted to buy stuff over the past couple of years, has' money from stimulus funds, investment gains, etc. They are just the first to say this, and wont be the last.
It looks like the SPY could form an inside candle with an upper wick retest of former trend line area (see circle), also on QQQ. And that's if we don't go any lower today; but seriously doubt we go higher. You can thank PTON for crushing the market as the news they released was super bearish; shutting down production of there bike and treadmill. As it basically means, 'anybody that wanted to buy stuff over the past couple of years, has' money from stimulus funds, investment gains, etc. They are just the first to say this, and wont be the last.
