SPY: Potential market bottom during consolidation phase
I think we may have seen the bottom in $SPY, judging by the action in the last couple days. The market had reached the peak of a weekly signal, and after time ran out for the projected advance started a steep correction until now. Sentiment has peaked apparently, and we could be seeing a turn around in bonds, oil, and $VIX.
Keep in mind we might be consolidating, and moving sideways all year, which is what long term (2 month bars) Time@Mode signals imply, and which also aligns with fundamentals here overall. Despite this, the market is supported, and a larger decline is not likely to happen.
I hold larger positions in metals, and miners, with some exposure to oil, Euro and $SPY here.
Cheers,
Ivan Labrie.
Keep in mind we might be consolidating, and moving sideways all year, which is what long term (2 month bars) Time@Mode signals imply, and which also aligns with fundamentals here overall. Despite this, the market is supported, and a larger decline is not likely to happen.
I hold larger positions in metals, and miners, with some exposure to oil, Euro and $SPY here.
Cheers,
Ivan Labrie.
Trade closed manually:
Exit here, we will rebuy on dips.
Exit here, we will rebuy on dips.
Trade active:
Bot back today, last: 273.02
