SPY 1-1 Fib Extension Complete, Correction Week
Technicals:
1-1 Fibonnaci extension from May low to Jun high has nearly hit the 435 target zone and is now ready to pullback or at minimum consolidate above the previously broken rising wedge. During the previous Friday close, I noted that on the lower timeframe VIX rose with SPY during the end of day rally.
Concerning bearish megaphone (red) forming, aligning with the 1 fib ext. A move above 435 would be unhealthy and likely not hold for long.
Fundamentals:
Still a liquidity driven market. Bonds flashing signs while moving against consensus. Economic data thus far suggests that T note yields should be at 1.7% or higher. QE was true during the beginning of 2021, so that explanation is not enough. For the energy sector (XLE), OPEC+ talks now delayed indefinitely and 880/BBL will likely be here soon.
1-1 Fibonnaci extension from May low to Jun high has nearly hit the 435 target zone and is now ready to pullback or at minimum consolidate above the previously broken rising wedge. During the previous Friday close, I noted that on the lower timeframe VIX rose with SPY during the end of day rally.
Concerning bearish megaphone (red) forming, aligning with the 1 fib ext. A move above 435 would be unhealthy and likely not hold for long.
Fundamentals:
Still a liquidity driven market. Bonds flashing signs while moving against consensus. Economic data thus far suggests that T note yields should be at 1.7% or higher. QE was true during the beginning of 2021, so that explanation is not enough. For the energy sector (XLE), OPEC+ talks now delayed indefinitely and 880/BBL will likely be here soon.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.