This is the monthly SPY chart. All I can see is bear market is here and I do not know how deep it will go. I am stepping out of the market within the next couple of weeks.
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Dead wrong! Actually it was right at the bottom! Crisis always means opportunity.
@2use, The monthly chart remains vulnerable. No buy signal yet. IMO current market rally is a bear market counter-trend rally and should be sold.
A-shot
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Where is it going from here on?
CosmicDust
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@2use, for short term trade I think a rebound should happen soon, and typically that kind of rebound should be sold or short. For long term, wait for RSI to bottom and that is going to take a while.
A-shot
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@CosmicDust, I think it already happened. Monthly it is a long time till we are back.
tech_yogi
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venture a guess on downside target???
CosmicDust
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@tech_yogi, most likely Dec 2018 low cannot hold. A wild guess is 50% retracement of 2009 low, which is roughly at 2016 low, around $197.
tech_yogi
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@CosmicDust, Thanks. Also, please keep posting. I like your charts, very clean and long term views. Super appreciative!