SPY SHORT
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Hello Y'all
As you can see, we have hit the top of the downtrend which occurred on the 1st of December. Mimicking the reversal of august. You can see that both initial pullbacks declined about 4.5%. It's too early to tell but I think that tomorrow will resume the downtrend at the latest next week on Monday.
If you go to the 1hour time chart. The MACD is beginning to make a bearish divergence.
The 390 level is the level to break for a free fall down. After that the 380 level will be support than 374.
RSI is still slightly Overbought and after a huge rally like we just had the RSI usually wants to get to that 30-35 level before consolidating.
Tomorrow will be a big day with monthly PPI coming out at 8:30 AM ET
As you can see, we have hit the top of the downtrend which occurred on the 1st of December. Mimicking the reversal of august. You can see that both initial pullbacks declined about 4.5%. It's too early to tell but I think that tomorrow will resume the downtrend at the latest next week on Monday.
If you go to the 1hour time chart. The MACD is beginning to make a bearish divergence.
The 390 level is the level to break for a free fall down. After that the 380 level will be support than 374.
RSI is still slightly Overbought and after a huge rally like we just had the RSI usually wants to get to that 30-35 level before consolidating.
Tomorrow will be a big day with monthly PPI coming out at 8:30 AM ET
Note
We have broken the 390 level, I think we see more downside till 375 ish range. I think long term we will test the ATL. Now that inflation is priced in, Now earnings are going to be the next thing to collapse the market.
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