SPY may be overbought right now, but that is not the purpose of this chart. The bold light blue line was drawn back in early August, and I have not touched it since. Each time the price rejected this line a moderate fall happened immediately. On November 3rd SPY rejected this line again, so it should fall. My targets are the 200 day MA, and potentially filling that gap below it before the market gets its santa rally on. So approximately 206.
Comment: Four hour chart today shows an evening star. Still bearish till 200 day MA and gap fill to approximately 205.50
Trade closed: target reached: Reached the 200 MA and filled the gap from 10/23. Both targets hit