TICKER: $SPY
With the phase 1 trade deal between USA and China, the market continue to climb to all time highs. Volatility was not impressive but it is what I expected as the market have already priced the deal in. DONT FORGET THAT THE MARKET IS VERY SMART.
SPY bulls continues to run the show with confirming the daily cup and handle pattern. Weekly RSI hit 70 for the first time in approximately 2 years, so be caution. Any pullback above $312.81 is a higher low. Break of that level will be the first indication of weekly consolidation.
As a reminder, the trend is your friend. I will not doubt the bulls until the daily trend change.
With the phase 1 trade deal between USA and China, the market continue to climb to all time highs. Volatility was not impressive but it is what I expected as the market have already priced the deal in. DONT FORGET THAT THE MARKET IS VERY SMART.
SPY bulls continues to run the show with confirming the daily cup and handle pattern. Weekly RSI hit 70 for the first time in approximately 2 years, so be caution. Any pullback above $312.81 is a higher low. Break of that level will be the first indication of weekly consolidation.
As a reminder, the trend is your friend. I will not doubt the bulls until the daily trend change.