I've been reading a lot of other people's idea to gauge TradingView trader's market sentiment. Handful of people are expecting bearish movement in upcoming weeks, others in upcoming months. Some say that another crash is imminent while others state correction.
For me, I think we'll most likely break 280. I'm thinking something more conservative, like a strong dip than a crash or correction. That being said, I hope i am wrong about this as I honestly want to believe that a crash (rather strong correction) is due. Using golden ratio as a guide and placing it as resistance, if SPY breaks above 280 then we'll have 286 as next resistance. I would think this is a good resistance level given that SPY climbed up to 270 quickly. At that point, market would be seriously overbought since Dec. 24th. I think this rally cannot be sustained without a significant drop. Our new support level for upcoming support is 273 and if it breaks that then I would presume bear mode based on the other indicators stating overbought signals. Confirmation on DMI and MACD. Current trend shows bullish but rather a weak one.
For me, I think we'll most likely break 280. I'm thinking something more conservative, like a strong dip than a crash or correction. That being said, I hope i am wrong about this as I honestly want to believe that a crash (rather strong correction) is due. Using golden ratio as a guide and placing it as resistance, if SPY breaks above 280 then we'll have 286 as next resistance. I would think this is a good resistance level given that SPY climbed up to 270 quickly. At that point, market would be seriously overbought since Dec. 24th. I think this rally cannot be sustained without a significant drop. Our new support level for upcoming support is 273 and if it breaks that then I would presume bear mode based on the other indicators stating overbought signals. Confirmation on DMI and MACD. Current trend shows bullish but rather a weak one.
Comment:
our new support level for upcoming week** Sorry all, typo.