With over 2 months without a meaningful correction one was finally due. But is it just looking like a retest of the breakout from the previous highs. We could bounce off my green line, consolidate or possible trade down as low as the 50dma. RSI setting new highs likely means this is not the high but does open the ability to start creating negative divergence. I have the 2009 fractal showing the general idea of what could happen if RSI does start creating negative divergence. It lines up pretty well with testing the 200dma which is extremely common after V bottoms.
Looking at taking selective longs, not SPY as it's a mixed bag of everything, but on the lookout for a short term topping pattern for some further consolidation.
Looking at taking selective longs, not SPY as it's a mixed bag of everything, but on the lookout for a short term topping pattern for some further consolidation.