Haven't done any update in the past couple of days because we're still chopping in range. However, we note today's drop means nothing has changed mid-term. We're still poised to retest the $SPY 372 level (and its equivalent to other indices). Today's selloff can be attributed to "Turn Around Tuesdays" HOWEVER, let's look deeper. The sectors show rotation back toward the tech stocks; however, if you zoom out to daily and map out $FB $AAPL $AMZN $NFLX $GOOGL $MSFT - these FAANG stocks have been chopping OR show a descending triangle since September 2020. This to me, shows a longer topping pattern.
My mentor argues that we could still hit $SPY 402 or 404; while this may be true as we approach April (cyclically bullish month), this does not discount the fact that the market is weakening behind the scenes. I'll try to map it in more detail over the weekend.
Good luck and be safe trading everyone!
My mentor argues that we could still hit $SPY 402 or 404; while this may be true as we approach April (cyclically bullish month), this does not discount the fact that the market is weakening behind the scenes. I'll try to map it in more detail over the weekend.
Good luck and be safe trading everyone!
