I don't believe in miracles , but I will trade them !
SPY with its unstoppable force making new highs, recent push is caused by tech bouncing hard with some names making new highs.
Its time for consolidation as the RSI is very overbought.
That doesn't mean we are doomed, in fact SPY looks very healthy, even if it was supposed to drop to 375 level (which is much needed)
We definitely are going to test 400 at some point and if it holds I expect lots of traders to enter.
April should be mostly green, where summer lull may give us some retracement.
Until that happens I think we are going to stay in the hourly uptrend channel and make all the way to 412, then it should test 400 again.
For crash you need major catalyst or some significant domino effect, there is no sign of either, so as much Im bear at heart on SPY I will buy the deep and go long.
Follow the money not your emotions.
Signal to enter long is at 400 (if it holds its support)
Signal for short term short is at 410-412 (if its rejected)
Good luck !
Its time for consolidation as the RSI is very overbought.
That doesn't mean we are doomed, in fact SPY looks very healthy, even if it was supposed to drop to 375 level (which is much needed)
We definitely are going to test 400 at some point and if it holds I expect lots of traders to enter.
April should be mostly green, where summer lull may give us some retracement.
Until that happens I think we are going to stay in the hourly uptrend channel and make all the way to 412, then it should test 400 again.
For crash you need major catalyst or some significant domino effect, there is no sign of either, so as much Im bear at heart on SPY I will buy the deep and go long.
Follow the money not your emotions.
Signal to enter long is at 400 (if it holds its support)
Signal for short term short is at 410-412 (if its rejected)
Good luck !
Comment:
I took short position with SPXS yesterday EOD to scalp at overnight session, but looks like Ill be collecting pennies.
Comment:
Today would be a good day to test 400