A new relief rally is forming

SPY A new relief rally forming. Double bottom with positive momentum divergence and retest of the 200ma in the weekly. The close on Friday above the 200ma is a good sign. This is a bearish leg, but it could turn into another relief rally to test the resistance of the 50ma. It’s interesting to point out that the size of the bear leg was the same as that in 2020, but in slow motion with a telegraphed increase in interest rates.