quantguy
Short

Bearish outlook on the S&P

AMEX:SPY   SPDR S&P 500 ETF
A variety of technical indicators coupled with the Fed's recent rate rise may suggest a bearish outlook on the S&P 500             . Note the gap up on 12/15 only to be followed by a gap down two days later, from which SPY             was never able to recover. We also see tremendous pressure from above via the Ichimoku Cloud , but lots of room to fall from below.

The MACD/RSI combo suggest a meager attempt at reversal, though the OBV suggests massive selling pressure. Look to today's high at $202.67 as a stop loss and the congestion area right around 200.80 for a profit target

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