We recently saw the
SPY
index falling very fast and aggressively to the correction territory. The level found support around the 4950s. After all the events like Earnings, one day down, the other day up, and both very aggressive, plus the Fed meeting, also with a wild rollercoaster. At the end of the day the index found support above the 4950. Which is good news, and the first step.
What does it come next? After all this spring clean I am expecting that all the weak hands were shaken and the "buy low sell high" comes next. Double bottom and a target level 5200 for the SP500.
The VIX spiked to the dreadful level of 20 and it came down. No WWIII, no Iran vs Israel, no international events. "News is Noise". The market shrugged off the events and determined that the 100 ma support was stronger. We're still in the correction territory, until we go past the 50 ma the next target will be the All Time High ATH levels we saw by the end of March.
The market hates to become predictable, so the "Sell in May and go Away ..." could as well have turned into "Sell in April, don't be fooled".
Indicators:
Madrid Ribbon at 100/200 ma
Madrid EMA at 50
Madrid Momentum Indicator
Madrid Display Symbol showing VIX
SPY
index falling very fast and aggressively to the correction territory. The level found support around the 4950s. After all the events like Earnings, one day down, the other day up, and both very aggressive, plus the Fed meeting, also with a wild rollercoaster. At the end of the day the index found support above the 4950. Which is good news, and the first step. What does it come next? After all this spring clean I am expecting that all the weak hands were shaken and the "buy low sell high" comes next. Double bottom and a target level 5200 for the SP500.
The VIX spiked to the dreadful level of 20 and it came down. No WWIII, no Iran vs Israel, no international events. "News is Noise". The market shrugged off the events and determined that the 100 ma support was stronger. We're still in the correction territory, until we go past the 50 ma the next target will be the All Time High ATH levels we saw by the end of March.
The market hates to become predictable, so the "Sell in May and go Away ..." could as well have turned into "Sell in April, don't be fooled".
Indicators:
Madrid Ribbon at 100/200 ma
Madrid EMA at 50
Madrid Momentum Indicator
Madrid Display Symbol showing VIX