SPY Likely in Final Bottoming Phase

This is a monthly chart of the SPDR S&P 500 ETF (SPY) with the Ichimoku Cloud indicator applied. Outside of the context of recessions, SPY has typically bottomed after finding support on the Base Line (red line) of the Ichimoku Cloud. Although SPY has currently fallen below this line, this does not necessarily mean the Base Line has failed, more likely SPY is simply in its final bottoming phase and is forming the tail, or lower wick, of the monthly candle. It is very conceivable that June will finish the month closer to the Base Line, which if the case could send SPY higher, in the months to come as the trend will continue. There are quite a few additional indicators and oscillators that suggest this may be the case. However, if SPY finishes the month clearly lower this Base Line, then that would be quite bearish and would cause reason to believe that the long-term bull run is perhaps ending.

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