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ContraryTrader
Jul 23, 2021 12:04 PM

437.70 and back Down Short

SPDR S&P 500 ETF TRUSTArca

Description

Resistance on rising wedge is 437.70 but lets say 438. If there is any pullback at this height im sure the banks and travel stocks feel it first since QQQ has more room to run. I expect revisit to 432$ support next week some time. On the other hand this could grind up but only if the Dow hits an ATH. Im thinking they play ping pong with wedge resistance and 50ma for the rest of july then unload in august.

Becareful out there if your long.
Comments
fontpoo
This isn’t going to drop with big earnings coming this week and if the earnings do great this will only go higher till mid august
ContraryTrader
@fontpoo After apple and MsFT finishes earnings next week. Dow jones already got rejected from ATH and with it the banks are still tanking.
drharrison1
Not to include the fear of COVID because of delta strand
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