Technical Analysis:
This
SPY
weekly chart shows the full pandemic crash, rally, and subsequent reversal.
The white arrow points out a very clear bounce up from the 200 Week Moving Average.
Short-term impulse is up, but SPY is in a downtrend overall.
Macro Analysis:
Markets crashed hard and quick in March 2020, then rallied straight up for almost two years.
A top formed in the first few days of 2022 and began the reversal we are currently in.
We entered two bear markets in 2022. One ended prematurely in a bear market rally between June and August.
We may see a Santa Clause rally, but I don't think it will last. Expect resistance breaking above $390 between 10/27 and 11/4.
If we make it up to $400, look for a top around the current 100WK MA $417.50.
This
SPY
weekly chart shows the full pandemic crash, rally, and subsequent reversal. The white arrow points out a very clear bounce up from the 200 Week Moving Average.
Short-term impulse is up, but SPY is in a downtrend overall.
Macro Analysis:
Markets crashed hard and quick in March 2020, then rallied straight up for almost two years.
A top formed in the first few days of 2022 and began the reversal we are currently in.
We entered two bear markets in 2022. One ended prematurely in a bear market rally between June and August.
We may see a Santa Clause rally, but I don't think it will last. Expect resistance breaking above $390 between 10/27 and 11/4.
If we make it up to $400, look for a top around the current 100WK MA $417.50.