The SPY needs a correction, but a big run after
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The SPY is getting closer to all-time highs. Today I'm going to update my technical analysis on the index as I think that the fear has slowed down. The Ukraine conflict has been getting less attention generally and the uncertainty that the last FOMC could've caused did turn into a relief sign.
First, I don't want to say that my opinion has changed drastically, instead I just want to clarify that I was slightly bearish, sentiment that turned bullish. I'm not saying that the SPY will touch $500 now, neither $350.
As we can see in the chart, we've set some higher lows and some lower highs. My last post is still in play, in which I said that we will reject 455$ (nPoC and 0.618 Fibonacci retracement). My shorter term target is around $440, that would turn resistance into support.
After that, if fundamentals don't look bad and we continue trending up I would like to see a new all-time high. Lastly, the economic events that I will personally be following are: GDP Report (March 30th), Jobs Report (April 1st), Consumer Price Index (April 12th) and the Consumer Confidence Report (April 26th).
First, I don't want to say that my opinion has changed drastically, instead I just want to clarify that I was slightly bearish, sentiment that turned bullish. I'm not saying that the SPY will touch $500 now, neither $350.
As we can see in the chart, we've set some higher lows and some lower highs. My last post is still in play, in which I said that we will reject 455$ (nPoC and 0.618 Fibonacci retracement). My shorter term target is around $440, that would turn resistance into support.
After that, if fundamentals don't look bad and we continue trending up I would like to see a new all-time high. Lastly, the economic events that I will personally be following are: GDP Report (March 30th), Jobs Report (April 1st), Consumer Price Index (April 12th) and the Consumer Confidence Report (April 26th).
Note
It is what it is. Still some nPoCs above though.
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