SPY Double Top or 400+?
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After the breakout from Descending Megapohone, my target was hit. It is consolidating here and waiting for the next move.
Bullish: Continues up from here following the upward broadening wedge, target would be 403-404.
Bearish: Double top breaks back neckline, target: mid 370s.
Watch to see if DXY has found bottom and rebound, if so I expect bearish movement. US10Y scares seem to no longer be present, however a sharp rise towards 2 might retest with selloff.
Bullish signals would be a small downward move establishing support, and rocket to 400+.
Stay tuned.
Bullish: Continues up from here following the upward broadening wedge, target would be 403-404.
Bearish: Double top breaks back neckline, target: mid 370s.
Watch to see if DXY has found bottom and rebound, if so I expect bearish movement. US10Y scares seem to no longer be present, however a sharp rise towards 2 might retest with selloff.
Bullish signals would be a small downward move establishing support, and rocket to 400+.
Stay tuned.
Note
Finished the day right on support. Consolidation continues.
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