SPY: A CORRECTION BEFORE 500
SPY has fallen into a descending wedge pattern of lower highs & lower lows. Will be paying attention to this exact trading zone in coming weeks & months
Our worst case is we retest our 200 MA price at $420 before resuming the uptrend
Inflation is moderate, Fed's expecting to cut in 2024, have patience, things will get better, but it could be a rough few weeks, potentially 2-3 months
UNLESS,
SPY can get above our wedge & hold 453 as support instead of resistance
I am fully expecting S&P 5000 by end of 2024, andSPY 500
Our worst case is we retest our 200 MA price at $420 before resuming the uptrend
Inflation is moderate, Fed's expecting to cut in 2024, have patience, things will get better, but it could be a rough few weeks, potentially 2-3 months
UNLESS,
SPY can get above our wedge & hold 453 as support instead of resistanceI am fully expecting S&P 5000 by end of 2024, and
SPY 500
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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.
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.