A meaningful correction is coming in the near term for the S&P 500 (or SPY).
The
SPY
Perfect Storm:
- Trading outside of 1.5 Standard Deviations (SDs) from Linear Regression (LR)
- Volume has been absent during the last several months - and historically, that does not bode well. Simply put, if few are buying on the way up, few will be buying down.
- SPY is topping out right at 1.5 SDs (see trend lines)
- Broken through trend line support
Target is ~397 in the (very) near term.
The
SPY
Perfect Storm: - Trading outside of 1.5 Standard Deviations (SDs) from Linear Regression (LR)
- Volume has been absent during the last several months - and historically, that does not bode well. Simply put, if few are buying on the way up, few will be buying down.
- SPY is topping out right at 1.5 SDs (see trend lines)
- Broken through trend line support
Target is ~397 in the (very) near term.