SPY looks set to close below the SMA 20 with an RSI < 50, which isn't great. Just getting an overall toppy feeling and expect a correction to the $486-495 mark if there's a break of the highlighted volume node.
CPI was also hot so that weakens any idea of a rate cut this year.
Anything can happen and I'm not looking for a short yet, but if there's some more downward RSI momentum I could be convinced.
GL
CPI was also hot so that weakens any idea of a rate cut this year.
Anything can happen and I'm not looking for a short yet, but if there's some more downward RSI momentum I could be convinced.
GL
Comment:
Outside of lower BB, perhaps a slight recovery before heading lower.