SPX500, SPY SPX SP-500 Big picture Crab or Bat? Recession 2021?
Long term view. Both outlooks require a fast pullback soon to the 2600-2625 zone.
Possible crab pattern (long term bullish outlook) is possible due to 88.6% retracement of the 2018 sell off. However, the Purple Bat pattern indicates a bear market pullback to the 1937 zone. So the easy play is for a sell off first. We'll look for a decision maker around the white arrows at 2613. So Let's see a 2nd qtr pullback first, and then we'll reassess direction. I personally favor the downside and recession going into 2021.
So looking for a top now and a short opportunity soon!
Old Fart
Possible crab pattern (long term bullish outlook) is possible due to 88.6% retracement of the 2018 sell off. However, the Purple Bat pattern indicates a bear market pullback to the 1937 zone. So the easy play is for a sell off first. We'll look for a decision maker around the white arrows at 2613. So Let's see a 2nd qtr pullback first, and then we'll reassess direction. I personally favor the downside and recession going into 2021.
So looking for a top now and a short opportunity soon!
Old Fart