There will be no gap close to 400 while earnings is still in play. yeah yeah , we see the low volume, the macd death cross , and the top of the channel touches . I think you can never neglect fundamental news and go full torpedo with technical analysis. The fundamental news here is that the 5 biggest companies listed report earnings this week and even if half of them do well we should see new highs. We also have dovish Powell speaking Wednesday on rates+tax hikes and who knows , he might be the gravity or more jet fuel.
If you look on your RSI and draw that downtrend from Sept 20 ,2020 until the breakout April 1st, 2021 you'll see that after the spy pulled back last week it actually found support and bounced off that previous downtrend resistance.
I think any short entry should be after it successfully falls through that support on RSI and or breaks 409.87 fib support.
My conclusion, we'll see 420 before we see 400. Everyone Has their technique on calling a Top or reversal. IMO any short entry before it breaks through that RSI support is premature .
Lose your opinion , not your money
If you look on your RSI and draw that downtrend from Sept 20 ,2020 until the breakout April 1st, 2021 you'll see that after the spy pulled back last week it actually found support and bounced off that previous downtrend resistance.
I think any short entry should be after it successfully falls through that support on RSI and or breaks 409.87 fib support.
My conclusion, we'll see 420 before we see 400. Everyone Has their technique on calling a Top or reversal. IMO any short entry before it breaks through that RSI support is premature .
Lose your opinion , not your money
