$SPY bull market? Nope. Here are the important levels from here.
Mis à jour
There are many people who have turned long term bullish because they've been surprised by the recent move to the upside. And while my short term bias did turn bullish on Jan 4th, I think we're closer to a local top than we are to seeing a new bull market commence from here.
I came across this old chart today-- it has to be one I created over a year ago, and what was interesting to me when I pulled it up is the levels that were marked off back then have all been tagged as support or resistance since the bear market has begun. $428, $358, $322 and $287. I added a couple extra levels onto the chart $276 and $421 as potential support/resistances and/or to account for wicks.
That said, I think these will end up being important levels on the way down for continuation of the bearish trend.
I am not one to buy into the idea that we are in a new bull market. In fact, I think quite the opposite. The worst of the bear market is yet to come. I think the two levels above from here $421 and $428 will end up being important resistance levels. And if we can't close above those levels, then we'll end up seeing continuation to the downside.
I think we'll end up getting below $300 in the S&P to the lower support targets by September/Octoberish timeframe. I've marked off key dates to watch for changes in price action.
Good luck trading this, I have a feeling that the market is going to get increasingly difficult to trade from here.
I came across this old chart today-- it has to be one I created over a year ago, and what was interesting to me when I pulled it up is the levels that were marked off back then have all been tagged as support or resistance since the bear market has begun. $428, $358, $322 and $287. I added a couple extra levels onto the chart $276 and $421 as potential support/resistances and/or to account for wicks.
That said, I think these will end up being important levels on the way down for continuation of the bearish trend.
I am not one to buy into the idea that we are in a new bull market. In fact, I think quite the opposite. The worst of the bear market is yet to come. I think the two levels above from here $421 and $428 will end up being important resistance levels. And if we can't close above those levels, then we'll end up seeing continuation to the downside.
I think we'll end up getting below $300 in the S&P to the lower support targets by September/Octoberish timeframe. I've marked off key dates to watch for changes in price action.
Good luck trading this, I have a feeling that the market is going to get increasingly difficult to trade from here.
Note
LOL at all of the people calling for $475.00 price targets when we've yet to even crack $420. Makes me more confident in the bearish thesis.Note
Upside target hit today.Note
In terms of timeframe, I'm buying Jan 2024 puts as I'm not sure how quickly we'll be able to see new lows.
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