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Cousin_Fat_Fat
Jul 21, 2022 11:23 PM

SPY Forks Bear Market Rally Top 430-435 Long

SPDR S&P 500 ETF TRUSTArca

Description

AMEX:SPY

SPY Forks

Price finally broke out of the major descending fork that has held price since April.

Trigger line + minor fork showing a potential top around 430-435 in mid-August.

Confluence with the 200MA and .618 fib.

Let's see what happens.
Comments
PromisedLandTA
Crushed it.
Cousin_Fat_Fat
quinnie0930
My chart is also showing me that QQQ will be pulling back at 340 - I think happening this week. Do you see us pulling back until the 24th It's showing on your pitchforks here. But on the other chart you did for TSLA we're only pulling back for 1-2 days and continue upwards.
Cousin_Fat_Fat
@quinnie0930, I don't think SPY breaks above the trigger-line or .618 fib. A few of the 30m charts I'm looking at have some solid bear divergence. I'm not sure if it will hang around here for a little bit, or reverse quickly. Regarding Tesla, TSLA has a stock-split scheduled next week that should keep it going higher.
quinnie0930
@Cousin_Fat_Fat, I think it will hang around until August 24th SPY have a small retreat to 420 then market goes to ATH until Sept 26th in your chart, I also have Sept 26th as a major pivot point in my charts. Let's see what happens!
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