BitcoinMedusa

$SPY Downward Bearish Trap III

AMEX:SPY   SPDR S&P 500
554 4 2
Calling out the $SPY is like calling out the wisdom of the wild. Thus leashing this beast is no easy task for any trader. But, you must start somewhere and a GAP fill is just as good as any. If you have any comments on my charts I welcome the conversation and challenge that your observations bring to the platform. Sincerely, Beauty
I agree with your supposition that a gap may drive the market price to close the gap. However, one must consider whether the ETF SPY drives the market or the SPX which has a smaller gap 0.2% /0.47%; or does the more recent gap yesterday have a greater influence: 0.33% / 0.32%.
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I hear the argument for a triple top. I agree we are in a correction, however might take another week for US markets to top out.
Also, US dollar SPY correlation is not rare, but when it happens you see fast corrections.

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alexp QuantitativeExhaustion
Ideally it should even overshoot 157 and trap some bulls first...
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