SPY is running to ATHs. Record equities flowing into markets, intergenerational wealth transfers, vix declining, running into a 5-wave impulse to the moon.
September 28th Resistance/support will intersect and we will see downwards movement into new territory.
The risk vs reward for shorting is much greater than going long at the moment.
Short term Bearish/neutral
Medium term Bearish
Long term Bullish
I believe we are setting up another Jan 2018 OR OCT 2018.
Red arrows indicating heavy...
Looking to the past, 1994-2000 Bull Market had an approx 0.618% - 0.786% Retracement, if you compare it to this current bull run that we are in, we are much due for a pull back
$SPY Weekly look is kinda bearish.
It has bounced off key technical indicators but it is pretty bearish. The repeat patterns are just too eerir.
We might just see more range trading like the past 84 weeks(Highlighted yellow) minus to the dips (highlighted red)
What do you guys think?
