SPY Topping Out
"Markets can remain irrational longer than you can remain solvent." John Maynard Keynes
It's generally dangerous to short such an irrational market but SPY presented a low risk entry today with this potential double-top. She is running out of momentum so I expect a retracement at the very least, if not a full reversal. There are many other signs that show she may be topping out (divergence with stocks >200MA relative to index highs, advance/decline line relative to index are just 2 examples).
It's generally dangerous to short such an irrational market but SPY presented a low risk entry today with this potential double-top. She is running out of momentum so I expect a retracement at the very least, if not a full reversal. There are many other signs that show she may be topping out (divergence with stocks >200MA relative to index highs, advance/decline line relative to index are just 2 examples).
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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.