Madrid

There's no trend, just consolidation

Long
AMEX:SPY   SPDR S&P 500 ETF TRUST
For the last few weeks, after making an inverse Head and Shoulders, the trend just faded away around the support lines of the main two ribbons. The momentum has consolidated around the Zero Line, which means there's indecision in the market, and the Trend strength is at the bottom with no indication so far of a reignition. Since the market hasn't fallen, this signals an accumulation point. My expectations are there will be a rally that will try to reach the previous highs. Still I am not so optimistic as to think there will be another all time high, but rather a bull trap rally.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.