Looking at SPY vs. HIBS (3X High Beta BEAR)- very interesting to see in comparison- here are my takeaways:
1- Look at the volume trends....(SPY volume trendline excludes sell of during island top)
2- Look at formation of the ascending/descending triangles....
3- Is the island top formed in SPY the beginning of the bear trend?
4- SPY-- IF we close ABOVE the $323.89 level then we will continue on up (DEFYING ALL LOGIC), but if we break below the ascending trendline then we are headed DOWNNNNNN
Overall takeaway- I believe that the existing bull run is exhausting but it is still too soon to confirm this- I believe between now and the first week of July we'll have our answer so keep your eyes close on not only the charts but FED/COVID news that may strongly shift market sentiment.