As we all know the spy is at major trendline resistance again in conjunction with the daily 200sma. What is different this time is that the weekly 20sma is pointing up. This does not yet make for a bullish thesis, but to go short here could be difficult and may be jumping the gun. If we happen to break trendline, I would be long the market as long as we are above the weekly 20sma. I would not be short the market here until a clear rejection of trendline and weekly sma turns to a downward slope. I've seen a lot of bearish post recently. I would be skeptical here and make sure you are using multiple time frame analysis.
Commentaire:
Still sitting on weekly 20sma