SPY Pull-back to 405-ish?
Technical Analysis suggests we may see a pull back on SPY to around 409. RSI is overbought, MACD is in a bearish position. OBV suggests outflows. We've had 3 rejections of the top around 420.
I expect a pullback to cool off the technicals. Whether we get another leg up or down is TBD.
I expect a pullback to cool off the technicals. Whether we get another leg up or down is TBD.
Note
The MACD has changed to bullish & VIX is down, suggesting more room for bullish movement, but the Put/Call Ratio is up. It's also another rejection off the top so it's anybody's game right now.Note
VIX & Put/Call Ratio down, MACD is still bullish while RSI is Overbought. More room for bullish movement is very possible.The continued resistance of 422.23 as well as the current uptrend suggests an ascending wedge with the possibility of a blow-out top. However, overbought RSI could lead to some sideways motion to see the RSI cool off.
Note
The daily MACD & RSI suggest bullishness while the weekly suggests more room for downside. OBV suggests it didn't take much selling to take the price down that much.Looking for a bounce that may test the high of 425.36 before more downside that could test as low as 413.63.
Note
Ultimately this didn't pan out; market resumed bullish trend after a fairly normal pullback.
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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.