The sky is falling?! $SPY
Updated
For those in the fintwit community obsessing over the fact that we closed with an "ugly hammer", I'd implore you to go back and look through some of the more recent "ugly hammers" that SPY has closed on the daily, and what the following price action was.
Yes, I know some of these aren't perfect hammers, but I think we can provide a little flexion in that definition.
Just chill. Until we have continuation of selling (and maybe a catalyst that would justify continued selling) then let's assume the uptrend is still intact.
Yes, I know some of these aren't perfect hammers, but I think we can provide a little flexion in that definition.
Just chill. Until we have continuation of selling (and maybe a catalyst that would justify continued selling) then let's assume the uptrend is still intact.
Note
Following day closed higher, but I'll be the first to admit it didn't look great.Listen, I'm not saying corrections can't happen. The chart up has 3 decent pullbacks to the 50ema
We could see this 420/425 fairly nearterm, but I'm not ready to call a market crash or a massive correction down to levels that other individuals on this platform are boasting. I'll need more confirmation than a single candle.
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