$SPY: Bear market rally topped
Updated
It sure seems like this is about to drop, intraday data is very bearish here, daily can confirm a reversal tomorrow, and we had the classic moving average crossover normies look at to determine the trend, at the highest close! (50 period moving average crossed over the 200 period moving average).
I suspect the brief period of upside swings in various names is coming to an end and cash will be King again. Optimism from advances in AI chatbots and China reopening its economy have caused a surge in optimism that I don't think is warranted based on fundamental analysis and technical analysis. Sentiment rebounded dramatically, and the next move likely is down. I had anticipated this climb, which you saw in my video post a while back, but I think that move is over now.
Best of luck! Stay safe out there!
Cheers,
Ivan Labrie.
I suspect the brief period of upside swings in various names is coming to an end and cash will be King again. Optimism from advances in AI chatbots and China reopening its economy have caused a surge in optimism that I don't think is warranted based on fundamental analysis and technical analysis. Sentiment rebounded dramatically, and the next move likely is down. I had anticipated this climb, which you saw in my video post a while back, but I think that move is over now.
Best of luck! Stay safe out there!
Cheers,
Ivan Labrie.
Note
Trade closed manually
Not clear, the weekly trend could still be in control, we will know more tomorrow. Still think it's wise to side step this or be long oil stocks, etc.
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ivanlabrie.substack.com/
ivanlabrie.substack.com/
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