In my best possible scenario-- average buy price for smart money +33=35.5 -safe range
-- nearly 15 days consolidation since 9/22, and the chart still on support
seems like this is a story planned ahead of time
SPY, QQQ, IWM had been struggled for a week. Perhaps, its time to take a breath?
based on all thses facts, I am more willing to join the air force. Plus, a huge amount of VXX calls and SPY weekly puts loaded for next week, just something to notice.
In 1h chart, SPY is showing some negative divergence here. Price is higher and higher, but momentum is getting lower. Another indicator shows us that SPY is at a super overbought area even though its bullish, a pullback should be necessary. 206-206.50 might be a great target for now.
Right now, spy seems like on its wave 4th. The weekly trend line has not been broken yet. A good signal is SPY across the 100 EMA and stands right at the 200 EMA. However, charts usually jumps up and down between average lines before they waterfall. Another weak signal shows us that MACD is now functioning below 0 line.
To me, I don't expect SPY go any higher...