This one is short and sweet. SPY barely held up this week, and the low volume day today has me thinking of a gap down to start next week. Given recent price action and economic climate, I’m expecting another test of $360-362 by the end of the week of 07/15.
THIS IS NOT FINANCIAL ADVISE. I AM FROM ANOTHER WORLD. THEY SPEAK TO ME IN PATTERNS.
SPY with a brisk leg down already this week. Almost too quick. Tomorrow we’ll see what the Fed does for rate increase; I’m now thinking they’ll stick with 0.50%, and we’ll bounce back above $380. Temporary long play.
THIS IS NOT FINANCIAL ADVICE. I AM TALKING TO MYSELF IN CODE. BEEP BOOP BEEP BOP BIP.
Short SPY for week of 6/17. Linear regression holds that this thing is coming back down within the same channel. Expecting another leg similar fashion to the last two, nearly identical movements shown by the white lines. I predict SPY will test and hold $370 support by the end of this week. Given the CPI report this past week (8.6% actual vs. 8.3% estimated), I...
SPY strong above 20d EMA, first time since end of April. Predicting a run to $440, test 200d EMA & 50w EMA, RSI to enter overbought territory, then begin next leg down after June CPI Report (6/10).
White line is March ‘22 rally for reference.
Neutral/Bullish in short-term. Bearish in med/long-term.