Has SPY SPX Reached the Top? Monthly Analysis.

The SPY has reached the top of an expanding triangle that goes back to January 2018. As you can see, the SPY has been marginally making new highs before turning back down.

We are also reaching the end of the Q3 2019 earning season and AAPL and FB just reported their earnings which appear to be positive. Coincidentally, the SPY hit the top part of the expanding triangle in after hours trading upon these reports.

Anyone who sells here would be shorting into strength. You can either short here with a tight stop or wait for confirmation of a downtrend on a lower time frame.

Please see my other SPY related idea below in regards to federal interest rate cuts and the previous affect it had on the SPY.

Comment:

Upward channel now reaching resistance, watch for sell signals.

Comment:

Be on the lookout for a correction. Overbought channel rising on falling volume. Need price action to confirm.

Comment:

Looks like a top so far. There is now impulsive selling and the gap from a few days ago has been filled. We would need to see it break down further from here to confirm the trend as many times, the point of where the gap begins holds as support. Congrats to all who entered at the top of channel. Don't forget to set a stop and manage your risk.