SPY and the Markets
We're going to keep this one simple. It's a pattern active traders see everyday. You can call it what you want. The range is getting tighter and a breakout is imminent. Many already know that. It seemed as though the markets were taking world economics and politics with a grain of salt. I mean really does anybody take the President seriously? Well we do now? Billions of Market Cap and many of the Bulls have become bears. We are under moving averages on so many charts you'd need just as big a sledge hammer in the other direction to cause the break to go up. It's process of illumination. Draw the trend lines, look at the fundamentals, not the tax cuts. It's either a false breakout with a little head fake to hurt some bag holders or we retest the 200ma and 3rd times a charm. A proper flush to find a true bottom would be a relief of sorts because this is getting painful and costly. IMO thanks for reading.
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.