S&P 500 IndexShort
SPY Weekly Chart - Next Leg Down?
The weekly chart would indicate that if we continue in the current channel, that our next move most likely will be down through March and into April of this year. This would be a 5% pullback or 43% APR, 15% retracement if you use a 3x ETF like SPXU.
The other potential option is that we break out of this channel to the upside. We came into the channel from the top and mostly often you exit in the direction and in this case, down.
The other potential option is that we break out of this channel to the upside. We came into the channel from the top and mostly often you exit in the direction and in this case, down.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.