Hey All !!!
Been tough for traders an investors alike during this correction that we are experiencing , in my last discussion on spy i mentioned that we were at a double top and things could get ugly . Sure enough the technicals followed through and we are now at an inflection point as mentioned the 420ish area is where I was looking for a bounce. Well we look like we are set up for the reverse a double bottom on SPY.
SPY
HOWEVER , here is what is in our way ,. I don't feel the market had flushed out , hence i don't trust this setup yet , but if i am right we should see it play out to the neckline and test 440 as the near term resistance . You also have the feds in our way. So as to the chart and the premarket condition I'm optimistically bullish on the near term set up
Stay tuned for follow up
Good luck all
Been tough for traders an investors alike during this correction that we are experiencing , in my last discussion on spy i mentioned that we were at a double top and things could get ugly . Sure enough the technicals followed through and we are now at an inflection point as mentioned the 420ish area is where I was looking for a bounce. Well we look like we are set up for the reverse a double bottom on SPY.
SPY
HOWEVER , here is what is in our way ,. I don't feel the market had flushed out , hence i don't trust this setup yet , but if i am right we should see it play out to the neckline and test 440 as the near term resistance . You also have the feds in our way. So as to the chart and the premarket condition I'm optimistically bullish on the near term set up
Stay tuned for follow up
Good luck all