SPY - Tomorrow and so forth
We hit the red channel at EOD for the nth time and bounced up as usual. Bulls aren't quite ready to put up a fight, and today's action will likely end as a minor correction. That said, I do see a potential wave count as an ending correction with the set-up to become much greater.
I see no point in fighting the trend, so I will default to the answer: higher tomorrow, but not by much. If we break above this channel, we will see ATHs near immediately.
However, next week might be much different.
Any hope for the bears will come at ATHs or above (SPX: 3000) with the exception of the local high, and the bulls are running out of stimuli to break through the upper resistance.
With that said, all things still point fairly bullish, but there are definitely cautionary signs for the immediate timescale. Tread cautiously.
I see no point in fighting the trend, so I will default to the answer: higher tomorrow, but not by much. If we break above this channel, we will see ATHs near immediately.
However, next week might be much different.
Any hope for the bears will come at ATHs or above (SPX: 3000) with the exception of the local high, and the bulls are running out of stimuli to break through the upper resistance.
With that said, all things still point fairly bullish, but there are definitely cautionary signs for the immediate timescale. Tread cautiously.
Note
The bear alternative
Note
I want to go out on a limb and say that we will have a further correction. Today's was far too minor. I'm dumping all positions at open and folding it something more reasonable. Fuck Wall Street, I'm done for today.Note
this channel is the most unbreakable thing i've ever seen.
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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.