SPY is Within a Few Points of the 1.618 Fib

SPY is within a few points of the 1.618 Fib (over) extension. Are we finally seeing the top on SPY? Who wants to buy at these levels? With QQQ forming a possible double top , RSI's of 70 - 80 across multiple timeframes and indexes, everything and the moon priced in, we can't be far from a correction now. The question is, what happens when dumb money gets trapped at the ATH , and hold for the bounce that never comes...
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* The information and analysis shared in this post is not financial advice. Always conduct your own analysis and research.


Janet Yellen said no more corrections....stonks to 1,000,000
people do understand that government is buying everything right. they buy the stocks of all the companies they care about, they gain complete control, they dont care about the price...just the number of shares. in less than 3 years it will be ussa
+4 Reply
@fo_jns, Very well said. I remember Greenspan saying something along the same lines, shortly before he admittied that he doesn't understand how the economy works. Lol...
no way it is that simple. they'll come short or go higher.
+2 Reply
I just walked out of a 100% cashless Walmart. May be a way to remove a lot of that brrrrrrrrr.
+2 Reply
No one willing to sell at these levels, the spec names can't catch a bid, TNX climbing so the longterm buying metrics aren't good either. Volatility near-dead, the paper trading is worthless. The S&P might roll over slowly if banks are sold on earnings. But banks might rip too knowing this market is a huge lie, so shorting here could be another losing scenario. Hell, wall street wants to pump this to 500, nothing is stopping them, so...

I'm short this market, long commodities, becoming increasingly long gold, it needs to test lower but there will be a point where money begins to look around.

To that point, the brokers are in for a rough quarter. They want to exacerbate trading and earning revenue by way of trades? -show me a rational market that actually wants price discovery. Because the advertising revenue from financial news media require something other than complacency. And it rhymes with the word "nix".
+2 Reply
Hedge_Of_The_World moveforward01
@moveforward01, Very well said. It's shocking to see us at this point, with Powell turning a blind eye every chance he gets. The Fed only sees deflation it seems.
+1 Reply
SPY just went green 12 days in a row. Its overbought on almost every indicator, VIX is oversold, volume is low, complacency is rampant. Even UVXY is oversold on the 1d. I can't find a single bullish indicator, so I agree with you 100%.
+2 Reply
@Ethereus, Cheers, buddy! I agree, it's way overdue. It's also healthy for efficient price discovery. The Fed seems so hell-bent on proving their relevance, they've now gone another step further, and they've become health experts...
fo_jns Ethereus
@Ethereus, this week on daily a candlestick was completely outside the bollinger band on the top, media calls this oversold
+1 Reply
@fo_jns, Lol. Crazy times, my friend!
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