We have many bearish signals coming from this charts, all confirmed by negative news from the FED. A mixture of technicals and fundamental signals working in unison.
Yesterday the SPY produced really high bearish volume and a falling window.
The RSI produced a lower high 29-Jan vs Dec.; this bearish divergence is now starting to play out.
The last correction after mid-2023 took this index toward the 0.618 Fib. retracement level of the preceding bullish wave, something similar would push the index to around 430 and 440 in the coming months.
I am still leaning towards the fast correction scenario once it starts to develop... Followed by a long drawn out recovery on the way up.
Namaste.
Yesterday the SPY produced really high bearish volume and a falling window.
The RSI produced a lower high 29-Jan vs Dec.; this bearish divergence is now starting to play out.
The last correction after mid-2023 took this index toward the 0.618 Fib. retracement level of the preceding bullish wave, something similar would push the index to around 430 and 440 in the coming months.
I am still leaning towards the fast correction scenario once it starts to develop... Followed by a long drawn out recovery on the way up.
Namaste.
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